Today marks another high point in the cryptocurrency market for the year 2024, with the spotlight on Ethereum. The leading altcoin has broken past the $3,600 mark, a level last witnessed in January 2022. This breakthrough prompts speculation about the next milestones for Ethereum. What future developments can we anticipate for ETH?
Breaking Past $3,600 Price Mark
As of the time of writing, Ethereum has surged to above $3,700. The forthcoming trend may vary based on Bitcoin's price movements. A sideways price action by Bitcoin might provide an opportunity for altcoins, including Ethereum, to strengthen.
Ethereum encountered resistance at the $3,610 mark, it suggests that $3,600 has become a critical resistance level for ETH. The next major milestone to watch is the $4,000 level.
Big Investment Inflows into Crypto Funds
In the past four hours, the cryptocurrency market has witnessed heightened buying activity, propelling the price of Bitcoin above $67,000 and nearing its all-time high by a mere 3.4%. This surge is on the heels of notable inflows into spot Bitcoin ETFs observed last week.
Coinshares highlighted an impressive weekly influx of $1.84 billion into cryptocurrency investment products. Furthermore, trading volumes have soared past $30 billion, accounting for half of Bitcoin's total trading volume across major exchanges.
What's Next?
Ethereum has faced selling pressure near the $3,610 mark, yet the absence of any substantial decline suggests a strong propensity among investors to purchase during minor dips, highlighting a bullish sentiment near resistance levels for ETH. Presently, Ethereum's price hovers around $3,700, marking an increase of more than 7% since yesterday’s close.
Now Ethereum is at the $4,000 threshold, with potential for consolidation near $4,200 thereafter. The bullish orientation of moving averages reflects a market momentum favoring the bulls. Nonetheless, the Relative Strength Index (RSI) lingering in the overbought territory warns of the possibility for a brief retracement. The support levels are established at $3,370, followed by a critical juncture at $3,000.
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