according to the website - CryptoFrontNews

In July, Ethereum (ETH) shows a strong bullish sentiment, striving to close above the Ichimoku Cloud on the weekly chart. If the lagging line breaks the Tenkan-sen line, analysts believe that a move towards $4000 will follow soon. At the time of writing, ETH was trading at $3551.

The weekly breakout confirms a bullish reversal
According to Titan of Crypto observation, Ethereum has broken through weekly resistance, forming a golden cross in the Ichimoku Cloud. The weekly candle rose above the cloud earlier this month, signaling a potential continuation of the bullish trend if the trend persists.

The Tenkan-sen line has crossed above the Kijun-sen line, and the price remains steadily above these indicators. This situation, combined with high trading volume, indicates a renewed interest from traders and institutional investors. The lagging span is approaching the Tenkan-sen line, and its breakout could enhance the prospects for further growth.

A key factor in the Ethereum rally is the strong inflow of institutional investments into Ethereum-based ETFs. Last week, over $990 million flowed into ETH-based ETFs, with a total inflow of $5.5 billion since launch. BlackRock and iShares recently introduced updates adding staking features to their Ethereum-based ETFs.

Meanwhile, there is a rise in activity in the Ethereum derivatives market. Open interest has risen to $52.13 billion, and trading volume reached $168.08 billion. The ratio of long to short positions exceeded 3.00, reflecting high confidence among major investors.

Doctor Profit also published a chart analysis showing that Ethereum is holding above EMA50, which has been a key resistance level for several weeks. This technical breakout could soon allow ETH to approach the $4000 mark if the momentum is maintained. Analysts note a potential increase to $4950 depending on how the market reacts in the upcoming sessions.

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