Thanks to bullish sentiment, the price of Ethereum $ETH has surpassed not only $ 2,800 but also the psychological threshold of $ 3,000.
After breaking through the difficult resistance of the $2,800 level, the price of Ethereum is continuing to rise today and, at the time of writing, is hovering around $3,040 .
The ETH token is attracting increasing interest from institutions and is also attracting the attention of investors and Wall Street analysts. If this signals the start of a new bullish trend for the leading altcoin, how much could Ethereum be worth in July?
Examining the recent price performance of Ethereum and ETH ETFs, we use technical analysis to estimate whether the altcoin will be able to overcome the next resistance level and reclaim its December all-time high of $4,000 .
Ethereum attracts Wall Street's attention
The spot Ethereum ETF has performed strongly in recent weeks. Last week, it closed with $383 million in net inflows on Thursday and $205 million on Friday. This ETF has been attracting increasing attention from Wall Street investors lately.
Wall Street typically focuses primarily on stocks, but now Ethereum has also become very attractive, perhaps thanks to its low price. By investing in ETH, you can capitalize on the growth of the DeFi sector and earn passive income through staking. Rumor has it that staking will soon be possible through US Ethereum ETFs as well.
When this happens, institutional interest in Ethereum could increase even further, giving ETH the opportunity to benefit from spot ETFs almost as much as Bitcoin has.
While Bitcoin has nearly doubled its old all-time high of $69,000, Ethereum is still about 38% below its ATH of $ 4,892.
The popularity of the Ethereum ETF and high expectations for ETF staking are fueling the altcoin's current bullish trend, allowing more and more liquidity to flow from Bitcoin into Ethereum and other altcoins, resulting in growing altcoin dominance.
What will happen to Ethereum's price now that it has surpassed $2,800?
Breaking above $2,800 was a significant technical milestone. Thanks to bullish sentiment, the price surpassed not only $2,800 but also the psychological threshold of $3,000 .
However, a clear test of the next resistance level at $3,090 is not yet in sight . A potential rejection at this resistance level could still lead to a drop to $2,800 in the near future.
But if Ethereum manages to close this new week above $3,100 , then a new trading range of up to $3,537 will open.
Looking ahead to the weekend, it's important to keep an eye on the psychological level of $3,000 . As long as this support holds, Ethereum's price can break above the resistance at $3,090 and the uptrend can continue.
Besides Ethereum , many other altcoins are taking advantage of Bitcoin's sudden surge. At the same time, there are also cryptocurrencies still waiting for an influx of liquidity to catch up with the rest of the market. These altcoins offer investors the opportunity to make large short-term profits.
An alternative way to ride the uptrend is to invest in emerging cryptocurrencies . These haven't yet been discovered by most investors and could see a surge if the market catches on. Below, we look at a new meme coin that has the potential to see significant growth this summer.
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