Ethereum (ETH) has seen a remarkable surge in price over the last 24 hours, outperforming many other top cryptocurrencies in the market. The price of Ethereum has jumped by 6.2%, reaching $2,795.14, which is the highest level in four weeks. This significant breakout has sparked speculation among analysts that it could mark the beginning of a new altseason.
Ethereum’s price performance this month has been impressive, with a monthly gain of 17.04% and a weekly gain of 7.6%. Despite a slight drop on the first day of July, Ethereum has shown strong gains throughout the month, surpassing its top competitors in terms of performance.
Analysts at Swissblock believe that the next 72 hours are crucial for Ethereum. If the current momentum is sustained, it could signal the start of an altseason, during which altcoins are expected to outperform Bitcoin in the market.
Institutional interest in Ethereum is also on the rise, with data showing a significant increase in demand for regulated ETH products. The CME Ether Futures Open Interest has reached $3.27 billion, the highest level since February 2. Additionally, spot ETH ETFs have seen positive inflows for eight consecutive weeks, indicating growing interest from institutional investors.
From a technical standpoint, Ethereum is showing strong buying momentum, with the Relative Strength Index (RSI) at 66.71. The cryptocurrency is currently trading above its 50-day, 100-day, and 200-day moving averages. The key resistance zone of $2,650–$2,750 has flipped into support, with the next major zone expected to be between $3,000 and $3,300.
Experts caution that failure to hold above $2,750 could result in a pullback towards $2,375 or a sideways trend. However, if the current momentum continues, Ethereum could lead a new altcoin cycle. The next 72 hours will be critical in determining whether this breakout is the start of a full-blown altseason or just a temporary spike.
In conclusion, Ethereum’s recent breakout, coupled with rising institutional interest and bullish technical indicators, has reinvigorated market sentiment. Investors and traders are advised to stay informed and monitor the market closely for potential opportunities in the coming days. Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.