#ETHBreaks4000 Ethereum rose by 6.40% in the last 24 hours, surpassing the 1.87% gain of the crypto market overall. This coincides with its weekly increase of 21.69% and reflects a combination of technical momentum, institutional accumulation, and positive trends in the blockchain.
$ETH 💥🚀🚀🚀🚀🚀
1. Demand from whales and institutions - The withdrawal of $72.7 million in ETH by SharpLink Gaming and LD Capital's price target of $5,000 drove a reduction in the available supply.
2. Technical breakout - ETH surpassed the resistance of $4,000, with an RSI (71) indicating bullish momentum despite overbought risks.
3. Staking dynamics - Validator exit queues decreased by 36% (from 744,000 to 479,000 ETH), reducing selling pressure.
#BitcoinSPACDeal The ETH rally combines lower liquidity on exchanges, technical momentum driven by fear of missing out (FOMO), and an improvement in the staking economy. Although overbought signals warn of potential volatility, the combination of institutional accumulation (which reduces supply) and retail demand (which increases usage) suggests underlying strength.
Key point to watch: Can ETH stay above $4,000 during the weekend derivatives expiry ($699 million in ETH futures settling on August 11)?.