Ethereum has been making waves in the crypto market, reaching its highest levels since June after hitting a local high of $3,688 just hours ago. This impressive price action has sparked excitement among investors and analysts, with many anticipating further surges in the coming hours.

Ethereum is now eyeing a breakout above its yearly highs, which could set the stage for an even more aggressive rally.

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Crypto analyst Carl Runefelt shared a technical analysis on X, highlighting the significance of Ethereum’s current resistance. According to Runefelt, ETH is at a critical juncture, facing a major resistance level that could determine its next move. Should Ethereum break above this barrier, it might quickly pump to $3,900, solidifying its bullish momentum.

As the broader market sentiment remains strong, Ethereum’s price action remains unpredictable, especially as it leads altcoins in this upward trend. Investors are now eager to see whether ETH can maintain its upward trajectory and establish new milestones in the days ahead. 

Ethereum Reaching New Highs

Ethereum is making headlines as it reaches new highs, riding the wave of bullish momentum while Bitcoin consolidates below the $100,000 mark. This rally has positioned Ethereum as a key driver in the altcoin market, which continues to post massive gains and attract investor attention.

With the broader market sentiment improving, Ethereum’s performance is becoming a focal point for traders and analysts alike.

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Crypto analyst Carl Runefelt recently shared a technical analysis on X, emphasizing Ethereum’s critical resistance level. According to Runefelt, Ethereum is currently at a make-or-break point. A successful breakout above this resistance could trigger a sharp rally, potentially sending ETH to $3,900. If this level is surpassed, Ethereum would likely target yearly highs above $4,000, solidifying its position as a leader in the ongoing market surge.

The coming days will be crucial for Ethereum as traders closely watch its ability to maintain upward momentum and overcome these key price levels. With the altcoin market gaining strength and optimism growing, Ethereum’s next move could set the tone for the broader crypto landscape. Whether it achieves a breakout or consolidates further, the attention on Ethereum highlights its role in shaping this bullish market cycle.

ETH Price At A Turning Point

Ethereum is currently trading at $3,600, a crucial level that will define its next price direction. As the market watches closely, Ethereum’s ability to hold above this price will determine whether it can continue its bullish momentum or face a pullback.

If ETH maintains strength above $3,600, it is likely to surge further, targeting the next significant milestone: yearly highs at $4,080. A breakout above this level would not only reaffirm the bullish trend but also position Ethereum for a potential continuation toward even higher levels.

However, Ethereum could face a short-term correction if it fails to hold above $3,600. The first major demand zone lies at $3,400, which would act as a critical support level. A failure to sustain even this level could lead to further declines, with the next potential support zones forming at lower price ranges.

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Market sentiment remains cautiously optimistic, with many analysts highlighting the importance of Ethereum’s current price action. The coming days will be pivotal as investors and traders look for signs of strength or weakness at this critical juncture. Whether Ethereum consolidates further or surges toward new highs, its performance will likely have a significant impact on the broader altcoin market.

Featured image from Dall-E, chart from TradingView

Ethereum has been trading at its highest levels since late July, hovering around $3,470. This marks a significant rebound for the second-largest cryptocurrency, which has managed to hold above the crucial 200-day moving average (MA) at $2,965. By maintaining this level, Ethereum confirmed a bullish price structure, paving the way for continued momentum as it approaches its next milestone—yearly highs near $4,000.

Top analyst and investor Carl Runefelt recently shared his technical analysis on X, pointing out that Ethereum’s price action has built a solid foundation for further growth. According to Runefelt, Ethereum is poised for a substantial rally once it breaks above key resistance levels, signaling increased confidence among traders and investors.

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This bullish sentiment is further fueled by Ethereum’s consistent on-chain activity and growing institutional interest, which continue to support its upward trajectory. However, breaking past $4,000 will require Ethereum to overcome resistance zones that have historically triggered pullbacks.

As ETH consolidates gains, market participants are watching closely for signs of the next breakout, which could set the tone for the remainder of the year. Ethereum’s recent strength underscores its role as a market leader and a bellwether for broader cryptocurrency trends.

Ethereum Testing Crucial Supply

Ethereum is testing a crucial supply zone just below the $3,500 level, a key resistance that could propel the cryptocurrency to yearly highs in the coming days. This level has become a focal point for traders and investors, as breaking it would likely signal a bullish continuation of Ethereum’s recent momentum.

Top analyst Carl Runefelt recently shared his insights on X, emphasizing the significance of this resistance. According to his technical analysis, once Ethereum breaks through the $3,500 barrier, it could rapidly climb to $3,700, potentially within hours. The market sentiment surrounding Ethereum remains optimistic, with surging demand as a catalyst for further price gains.

Ethereum’s strength at this critical level is also reigniting speculation about a possible Altseason. If ETH continues its upward trajectory and attracts more capital, it could pave the way for other altcoins to follow suit. Historically, Ethereum’s price action has been a leading indicator for broader market movements, and this time appears no different.

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As ETH approaches this pivotal moment, all eyes are on its ability to maintain upward momentum. A strong push past $3,500 would confirm the bullish structure and set the stage for Ethereum to dominate market narratives in the weeks ahead.

Key Levels To Watch

Ethereum is trading at $3,470, hovering below the crucial $3,500 resistance level. This local high has become a key area of focus for traders and analysts, as breaking above it could set the stage for a significant rally. If Ethereum manages to push through this resistance with strength, it could trigger a breakout that propels the price toward $3,900 within days.

However, the market remains cautious about the potential risks associated with this pivotal moment. A failed breakout at the $3,500 mark could lead to sideways consolidation as Ethereum seeks stronger buying pressure to resume its upward momentum. In a more bearish scenario, a substantial correction could occur, driving ETH back to lower levels to establish a more solid base of support.

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The current price action highlights the importance of this resistance zone. A clean break above $3,500 would likely confirm Ethereum’s bullish structure and reinforce confidence in a continued uptrend. 

On the other hand, any hesitation or rejection at this level could signal the need for further consolidation before the next major move. As ETH approaches this critical juncture, the market is closely watching to determine its next direction and the potential implications for the broader crypto landscape.

Featured image from Dall-E, chart from TradingView

Interest in Ethereum, the second-largest cryptocurrency asset, is gaining momentum once again among retail and institutional investors, as evidenced by a robust increase in its net staking inflows in the past week in tandem with recent improvements in the price of ETH.

Consistent Growth In Ethereum’s Staking Net Inflows

In a positive development, Ethereum’s staking has attracted significant capital over the past week, leading to a surge in its net weekly inflows. Maartuun, a market watcher and analyst at leading on-chain data and analytics platform CryptoQuant, reported the development, reflecting growing commitment.

The spike in staking activity indicates that many investors are interested in supporting Ethereum’s proof-of-stake (PoS) ecosystem while receiving passive returns. It also bolsters ETH’s robust security and position in the cryptocurrency landscape.

Data shared by the analyst shows that Ethereum staking saw a net influx of +10,000 ETH over the past week, with 115,000 ETH being deposited and 105,000 ETH being withdrawn. This shows that deposits have surpassed withdrawals once again after months of net outflows, marking a significant change. With the total staked ETH rising again, it indicates renewed confidence and optimism in staking as a long-term strategy, which could be crucial in strengthening ETH’s ecosystem.

Addressing the components behind the surge, Maartuun has pointed out a mix of possible factors. These include rising ETH prices, improved staking infrastructure like liquid staking options, and institutional players entering the market.

Furthermore, the expert highlighted that this surge in net inflows might be a reaction from long-term investors to Ethereum’s stability after the merger and their increasing trust in the ecosystem.

In the event that the current rate of deposits keeps up, Maartuun is confident that the development could limit the availability of ETH in the market, which might affect price movements. “Overall, this recent inflow is a positive sign for Ethereum’s ecosystem and long-term growth,” he added.

ETH’s Open Interest Reaches New Milestone

Ethereum has been seeing major advancements lately in several key metrics, such as its Open Interest (OI). ETH’s open interest experienced a notable uptick in the past few days, surging to a new all-time high.

A report from CryptoQuant reveals that ETH’s open interest is valued at over $13 billion, representing an increase of more than 14% in the past four months. Additionally, funding rates demonstrate a positive trend, signaling that long-position traders dominate the market. This spike shows that interest in ETH’s derivative markets is rising sharply and growing market sentiment that supports price increases in the short term.

CryptoQuant also revealed that Ethereum’s estimated leverage ratio has hit a new all-time high, reaching +0.40 for the first time in history. This metric, which is determined by dividing the open interest by the exchange’s coin reserves, suggests a huge rise in leverage positions, indicating increased risk-taking by traders in derivatives trading.

Featured image from Unsplash, chart from Tradingview.com