Ethereum has been showing bullish signs recently, outperforming its major rivals in the last seven days. With a notable rise of 24.1%, Ethereum has been the top performer compared to Bitcoin, XRP, BNB, Solana, and Cardano. In the last 24 hours alone, it has surged by at least 3.1%.
A crypto analyst known as Titan of Crypto has made a sensational post suggesting that Ethereum could be on the verge of a major breakout. This has sparked interest among investors and traders who are closely watching the market for potential opportunities.
In the past 30 days, Ethereum has seen significant bullish momentum. Starting at $2,406.19, the price has jumped by 56.29% to reach $3,758.73. This bullish rally has been fueled by institutional inflows into spot ETH ETFs, increasing whale activity, and positive sentiment from major investors like Peter Thiel.
Between July 14 and 18, a total of 2,182.4 million flowed into the Ethereum Spot ETF market, with the highest daily inflow of 726.60 million recorded on July 16. Additionally, Peter Thiel, the former CEO of PayPal, acquired 9.1% of the shares of BitMine Immersion Technologies, a company aiming to become the Ethereum version of MicroStrategy.
The Ethereum network has also seen improvements such as a rise in its Layer 1 gas limit, enhancing transaction capacity, and continued growth in liquid staking, with Binance Staked ETH reaching 20% of the market.
Acclaimed crypto analyst Titan of Crypto has identified a technical chart pattern on the weekly chart called a right-angled descending broadening wedge. This bullish pattern suggests a potential uptrend after a breakout above the resistance, with a short-term target of $4,100 and a long-term target of $6,700.
In conclusion, patience is key as the ETH price move may take time to play out. Investors and traders are advised to stay updated on the latest trends and news in the crypto world to make informed decisions.