Cryptocurrency Ethereum Surges, Potentially Reaching $3,400 According to Market Experts
Straight-up, Ethereum's back in the game after a lingering slump! The digital asset raked in a solid 60% since early May, and analysts reckon it ain't stopping anytime soon.
Ethereum has finally burst through a month-long stalemate, all thanks to the investor cost basis distribution. As per Glassnode, there's a potent floor set between $2,700 and $2,760, where about 2 million ETH are stashed by investors who've been accumulating like crazy during the consolidation period.
Ethereum’s On a Roll to $3,400!
Once you surge past the current levels, resistance's pretty much lax till around $3,400, where the first major resistance kicks in. If the current support zone manages to hold out, Ethereum's got a clear-cut technical route to $3,420, analysts hinted. However, the speed of the rally'll depend on the reactions of holders in the $2,800 to $3,300 range when the prices start to inch up.
Now, here's the fun trend - Santiment reported that Ethereum's social sentiment's been on the Increase, which means more retail attention. Twitter chats are all about Ethereum's market activity, price swings, derivatives trading, institutional adoptions, and positive vibes - it's clear the trading volumes are high, and analysts are keeping a close eye on ETH.
Crypto analyst Rekt Capital thinks ETH could test $2,500 as support for a possible bull run to $4,000 in August 2021, and again early 2024 - wow, talk about foresight! Moreover, Ethereum's dominance reached 10% in an upward trend for the first time since March 2020.
Institutions are still piling on Ether ETFs - 18 days of consistent inflows and the highest inflow since February with a whopping $240 million pouring in just the other day! ETF Store President Nate Geraci was all excited- "And that ain’t even the best part, there's still no staking or in-kind creations and redemptions!"
Crypto Market Buzz
Ethereum hit an intraday and 4.5-month high of $2,870 before taking a breather and settling at $2,760 in the Asian market the next day. Bitcoin was taking a step back from its weekly peak of $110k and had dipped below $108k at the time of writing.
Altcoins were in the red, with significant losses for Solana, Dogecoin, Tron, Cardano, Sui, Chainlink, and Avalanche, wiping out recent gains.
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- With Ethereum breaking through a month-long stalemate, its price prediction continues to surge, aiming for $3,400, according to analysts.
- The support zone for Ethereum holds key to its technical route to $3,420, as the speed of the rally depends on the reactions of holders.
- Santiment reported that Ethereum's social sentiment is increasing, indicating more retail attention and high trading volumes.
- Crypto analyst Rekt Capital suggests Ethereum could test $2,500 as support, potentially leading to a bull run to $4,000 in August 2021 and again in early 2024.
- Institutions are still piling on Ether ETFs, with over $240 million inflow in just one day, while highlighting the lack of staking or in-kind creations and redemptions.
- Despite Bitcoin taking a step back from its peak, the crypto market buzz remains active, with altcoins experiencing significant losses, including Solana, Dogecoin, Tron, Cardano, Sui, Chainlink, and Avalanche.
