Ethereum (ETH) is showing promising signs of a major upward trend, aiming to break through key resistance levels. After hitting a recent low of $2,826 on July 8th, Ethereum held firm at this support level and has since rebounded, signaling a potential rally.
In the past week alone, ETH has risen by nearly 10%, indicating strong market momentum. Currently, Ethereum is priced at $3,466.51, with a 24-hour trading volume of $23.65 billion. Its market capitalization stands at $416.45 billion, giving it a market dominance of 17.44%. Although there has been a slight dip of 1.10% in the last 24 hours, the overall trend remains optimistic.
The market’s attention is focused on Ethereum as it continues this upward trajectory. Analysts suggest that if ETH can maintain its momentum and break past the next resistance level, it could pave the way for further gains.
Analyst Eyes $3,900-$4,000 Price Range for Ethereum (ETH)
Renowned analyst Crypto Scient shares an optimistic view on Ethereum (ETH) price trajectory. With a focus on recent market dynamics, he suggests that ETH could be on the verge of a significant upward trend, highlighting recent breakthroughs in critical price levels.
Crypto Scient points out that Ethereum has successfully transformed the crucial daily pivot area of $3,400-$3,450 into a robust support zone. Initially, there were concerns about ETH’s potential weakness around this level, which seemed likely to lead to a price correction.
However, recent movements have dispelled these fears, with Ethereum demonstrating newfound strength on local timeframes. This shift marks a key turning point, as flipping resistance into support often indicates bullish momentum.
With this support firmly in place, Crypto Scient sets his sights on the $3,900-$4,000 range, particularly amid growing anticipation of an Ethereum ETF approval. Such an event could serve as a major catalyst, potentially propelling ETH’s price even higher.
Meanwhile, the possibility of institutional interest to invest through an ETF can dramatically consolidate the market dynamics, bring new investors, and acquire liquidity into the ring. As Ethereum maintains its bullish momentum, the crypto community is abuzz with speculation as to whether or not these latest developments will help to send the digital asset to new all-time highs.
Investors and enthusiasts alike look forward to see if this solid technical performance, combined with potential regulatory milestones, will be what ETH needs to fully solidify its position as one of the top forces in the markets.
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