#BTCBreaksATH $ETH #ETHBreaks3k Analysis: strong increase of ETH to $3,000, is a new all-time high in sight?.✨💥✨💥✨💥✨💥
#ShariaEarn Ethereum is once again the protagonist in the market after reaching the symbolic level of $3,000, a value not seen since February. Although it has slightly retraced from that point, the rise remains notable.
At the time of writing, ETH is trading at $2,969, with daily gains of 5.9%, weekly gains of 19.4%, and monthly gains of 3.3%.
🔸What is driving the current price of ETH?.
#TrendTradingStrategy The recent surge in Ethereum has been supported by a strong influx of institutional capital. ETH broke key resistances fueled by growing demand through spot ETFs.
Since July 7, Ethereum exchange-traded funds (ETFs) have received over $320 million in inflows. BlackRock's fund, ETHA, leads with a capitalization of $5.06 billion. On July 9 alone, it attracted $206.57 million in net inflows.
On the other hand, ETH has followed the overall bullish momentum of the crypto market, reinforced by the new all-time highs reached by Bitcoin, which surpassed $118,000. This context especially benefits altcoins.
There have also been technical innovations that strengthen market optimism. The Ethereum Foundation announced this week, through its official blog, a significant technological improvement: the integration of zero-knowledge proofs (ZK) across the network architecture, starting with a zkEVM directly on layer 1.
This update will allow validators not to have to re-execute blocks, as they will be able to use clients that verify execution proofs generated off-chain by various ZK virtual machines (zkVM). This advancement is especially relevant considering Ethereum's current scalability limitations.
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