Ethereum is once again making headlines as its price surged today after a period of slow movement. The cryptocurrency managed to retest the previous week’s high, indicating a bullish trend. Adding to the positive sentiment is the fact that over 35 million ETH is currently staked, locking away nearly 30% of the total supply. This reduction in available supply on exchanges often leads to sharp price increases when demand rises.
One analyst pointed out that during previous bull runs, Ethereum has seen impressive gains, such as a 300x surge in 2017 and a 50x rise in 2021. While another 300x increase may not be expected, the analyst suggested that if ETH were to increase six times its current value, it could potentially reach the $10,000 mark in the next major cycle.
In terms of short-term price analysis, Ethereum’s price is holding steady with no signs of a potential market top. As long as the price remains above the recent swing low of $2,415, the uptrend is likely to continue. When the futures markets opened earlier today, Ethereum’s price quickly rose, testing the resistance level from Thursday. While it has yet to break through this level, the momentum is clearly building.
If Ethereum can successfully push above this resistance zone, the next targets would be around $2,570 and $2,620. Breaking through these levels would signal that bulls are back in control of the market. The short-term outlook for Ethereum hinges on how it performs at the current levels. A strong hold and a break above this week’s high could trigger a fresh wave of buying. However, a drop below $2,415 might indicate a brief pause or a slight pullback before another attempt at higher levels.
Overall, Ethereum is showing strength in the market and investors are optimistic about its future potential. As the cryptocurrency landscape continues to evolve, Ethereum remains a key player to watch for potential growth and price movements.