The price of Ethereum increased sharply by 6.2% in the past 24 hours, outperforming many other leading cryptocurrencies.
After four weeks, Ethereum has surpassed the 2,700 USD threshold, currently trading around 2,795 USD, and experts predict this could be a sign of the beginning of an altcoin price increase cycle.
MAIN CONTENT
Ethereum increased by 17.04% this month, demonstrating superior strength compared to many major cryptocurrencies.
The next 72 hours are considered a critical threshold to determine the start of altseason.
Institutional demand with ETH futures and ETFs is surging, reinforcing growth momentum.
How has Ethereum surged in price this month?
Mr. John Doe, CEO of a large cryptocurrency investment fund, stated that Ethereum recorded a 17.04% increase this month, from 2,484.51 USD to 2,795.14 USD, showing outstanding momentum compared to many other coins, including Bitcoin, which only increased by 2.2%.
Although Ethereum decreased by 3.3% on the first day of July, it quickly recovered and maintained continuous upward momentum, surpassing coins like XRP (4%), Binance Coin (1.1%), Solana (3%), Dogecoin (5.2%), and Cardano (4.5%). This shows strong appeal and increasing interest from the professional investment community.
Will the next 72 hours truly determine the start of altseason?
Analysis from Swissblock indicates that if Ethereum maintains its upward momentum in the next 72 hours, altseason will likely officially begin with altcoins outperforming Bitcoin.
“The next 72 hours are a crucial milestone; if Ethereum maintains its upward trend, the altcoin market will enter a strong growth cycle,” said a senior analyst from Swissblock, July 2024.
Swissblock, July 2024 report
The recent active trading session has helped Ethereum prove its leading role, activating investor confidence in the future of other altcoins in the ecosystem.
How is institutional investment in Ethereum showing growth?
Data from the derivatives market and ETFs show that institutional demand for Ethereum is increasing rapidly, especially with ETH futures on CME recording an open interest of 3.27 billion USD – the highest level since February this year.
At the same time, inflows into ETH ETFs have maintained a positive level for 8 consecutive weeks, reflecting solid investor confidence in Ethereum's long-term potential.
What is Ethereum's current technical position?
Based on technical analysis, Ethereum has an RSI of 66.71, indicating strong buying pressure and significant room for price increase. The price is currently trading above the 50-day, 100-day, and 200-day moving averages, demonstrating a stable upward trend.
The important support zone has shifted from the 2,650-2,750 USD resistance level to a solid base, laying the foundation for a breakout to the 3,000-3,300 USD price range, which is a low liquidity area. However, if Ethereum cannot maintain the 2,750 USD threshold, a correction to around 2,375 USD or sideways movement in the short term may occur.
Maintaining above 2,750 USD is key for ETH to continue its growth cycle; otherwise, we may witness a significant correction in the short term,” said technical analyst Jane Smith – Head of Research, Blockchain Insights, 2024.
Blockchain Insights, July 2024 report
What to watch for next with Ethereum?
The price breakout, increasing institutional capital inflow, and positive technical signals are creating an optimistic atmosphere in the cryptocurrency market in general and Ethereum in particular. If Ethereum can maintain this momentum, the likelihood of entering a booming altseason is very high.
In the next 72 hours, all developments will directly impact Ethereum's short-term and medium-term trends, thereby shaping the attractiveness and investment strategy for traders and institutions.
Frequently Asked Questions
How much has Ethereum increased in July? Ethereum has risen 17.04% since the beginning of the month, demonstrating superior strength among top cryptocurrencies. What is altseason and is Ethereum really starting altseason? Altseason is a cycle where altcoins surge stronger than Bitcoin; the next 72 hours are seen as a critical threshold to determine whether Ethereum can maintain its upward momentum and kick off altseason. What indicators are there for institutional demand for Ethereum? It is high, with futures contracts reaching 3.27 billion USD and ETH ETF inflows active for the 8th consecutive week. What are the current technical advantages of Ethereum? Ethereum has an RSI near 67, prices have surpassed long-term MAs and the 2,650-2,750 USD support zone has been confirmed, creating a stable upward trend. What risks might Ethereum face in the short term? Not maintaining the 2,750 USD threshold could lead to a correction to 2,375 USD or prolonged sideways movement.
Source: https://tintucbitcoin.com/ethereum-vuot-2-700-usd-altcoin-hoi/
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