Top experts highlighted crucial support and resistance levels for ETH, that the crypto must hold to continue its rally.
Ethereum price has recorded a significant recovery today after a brief pullback last week. Notably, last week’s gloomy momentum comes amid a selloff recorded in the broader crypto market, let alone the top players in the digital assets space.
Meanwhile, the ongoing surge appears to have sparked discussions among traders on the potential reason behind the current rally. Besides, comparing the recent surge in ETH price to Bitcoin, it indicates that the investors are regaining confidence in the altcoins.
Notably, recent data also backed the theory that showed that the whales are actively betting on the crypto. Simultaneously, another report showed that despite the pullback last week in Ethereum, it has recorded a strong inflow.
Amid this, market experts have highlighted the crucial support and resistance levels for ETH, predicting a potential surge to around $4,000 in the near future.
ETH price has rallied more than 5% during writing and traded at $3,639.20, after touching a 24-hour high of $3,664.40. Notably, the Ethereum price has slipped to as low as $3,456 in the past 24 hours.
According to CoinGlass data, ETH Futures Open Interest rose around 0.7% to $48.24 billion, indicating a sustained interest from traders.
However, despite the current gain, it has lost nearly 4% in the weekly chart. Notably, the crypto has added around 44% over the last 30 days.
Amid the ongoing surge, market experts have offered key insights for the top altcoin by market cap, projecting the crypto to hit $4k soon.
Besides, the recent market trends also hint at a bullish road ahead for Ethereum price, such as the whale accumulation and institutional interests.
The Ethereum whales have made significant bets in the crypto, sparking optimism over a sustained rally in Ethereum price. According to Lookonchain, a prominent on-chain transaction tracking platform, two major whale transactions have been recorded.
As per the report, a newly created wallet, identified by the address “0x86F9,” received 24,294 ETH, worth around $86.48 million, from FalconX. Simultaneously, whale “0x40E9” has bagged 15,627 Ethereum, valued at around $55.6 million, from the Galaxy Digital OTC wallet in the last 24 hours.
The combined valuation of these two investments amounts to about $142 million. It reflects the soaring confidence of large investors in the potential future movements of ETH.
Besides, the US Spot Ethereum ETF has also recorded a significant influx over the last few weeks. However, it has recorded an outflow of $152.3 million on August 1, amid a broader crypto market crash.
Despite that, a recent CoinShares report showed that Ethereum has continued to attract robust fund flow last week. The report showed that ETH alone added $133.9 million last week, while Bitcoin has witnessed an outflow of $404 million.
Meanwhile, with last week’s influx, Ethereum’s year-to-date (YTD) inflow totaled $7.92 billion.
Amid the ongoing surge in ETH price, market pundits have shared bullish forecasts for the asset. In addition, some have also highlighted the crucial support levels that the crypto must hold to continue its run to the north.
For context, in a recent X post, analyst Michael van de Poppe said that Ethereum price’s recent “bounce” is “not convincing as of yet.” Despite that, he noted that if ETH price manages to maintain the $3,537 support, it can soar past the $4.1k in the near future.
However, in the case of a further correction due to geopolitical and macroeconomic woes, he believes $2,700 will act as a major support for the asset.
Echoing a similar sentiment, analyst Ali Martinez has highlighted the crucial support for Ethereum price.
According to his recent analysis, ETH found strong support at $2,924. However, Martinez noted that if the support fails, the next potential level to watch is at $2,750.
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