The cryptocurrency market is currently experiencing a surge, with Bitcoin’s price inching closer to the $68,000 mark. The overall crypto market cap has reached $2.32 trillion, marking a 1.68% increase. The 24-hour trading volume has also seen a significant jump of +26.04%, reaching $110.12 billion.
While Bitcoin is leading the charge, some top altcoins have seen triple-digit surges. However, Ethereum, the second-largest cryptocurrency by market cap, has been struggling to break out of its major resistance levels. The question on everyone’s mind is whether Ethereum will regain its momentum or face another price correction.
ETH Price Records A Consolidated Price Action
In the past 24 hours, Ethereum has seen a modest increase of 1.28%, maintaining its value above the $2,600 level. Over the past week, it has added 7.73% to its valuation, and over the past 30 days, it has surged by 13.81%. Despite these gains, Ethereum has been trading in a consolidated range between $2,100 and $2,800 since August, indicating a weak bullish sentiment in the long term. Year-to-date, ETH has seen a return of approximately 15%.
Ethereum ETF Update
In the ETF space, only one out of nine ETH ETFs has recorded a positive flow in the past 24 hours. Fidelity’s “FETH” saw an inflow of $2.6 million, while seven ETFs, including Blackrock, 21 Shares, and Grayscale, recorded neutral price flows. Grayscale’s “ETHE,” on the other hand, experienced an outflow of $15.3 million. The total flow for the day concluded at -$12.7 million, suggesting a mixed sentiment in the future price action of Ethereum.
Will ETH Price Reclaim $3,000 This Year?
If Ethereum can maintain its value above the $2.6k level, it could potentially move towards its resistance level of $2,800 in the near future. Sustaining this price level could pave the way for a push towards the psychological barrier of $3,000. However, increased market volatility could see ETH retesting its support level of $2,500. In a bearish scenario, the price could drop towards the crucial low of $2,100.
Overall, the future price action of Ethereum remains uncertain, with various factors influencing its trajectory. Investors will need to closely monitor market developments to gauge the altcoin leader’s next move.