The crypto industry’s market cap rose from $2.075 T to over $2.14 T in the past 24 hours, registering a surge of 4.89%. With this, Bitcoin has reclaimed its $61,000 mark, by adding gains of 4.13%.
Following suit, Ethereum’s price has shown a similar trend, adding 2.76% to its portfolio with a trading volume of $12.17 billion, indicating a 17.29% increase. This has led to questions like “Will Ethereum reach $3K” and “How high will the ETH price go in 2024?”.
ETH Price On The Verge Of A Major Breakout?
Since May, the Ethereum price has been trading within a bullish expanding triangle pattern, signaling a weak price action. Positively, it has successfully retested its crucial support trendline, highlighting a potential bullish reversal in the market.
Moreover, with the recent price jump, it has also formed an ascending triangle pattern. This indicates a constant increase in the buying pressure for the Ethereum crypto in the market.
Ethereum Token’s Market Sentiments
The EMA 50/200-day has recorded a Death Cross in the ETH price chart in the 1D time frame. Reflecting a strong bearish influence in the cryptocurrency market.
However, the RSI indicator has recorded a constant uptrend with its average trendline recording a bullish action. This highlights uncertainty in the future price action for the leader of altcoins.
Ethereum Spot ETF Update
Over the past 24 hours, Grayscale’s “ETH” recorded the highest inflow of $4.9 Million, followed by Bitwise’s “ETHW” with $1.9 Million. On the other hand, Blackrock’s “ETHA”, Fidelity’s “FETH”, 21 Shares ”CETH”, VanEck “ETHV”, Invesco “QETH”, and Franklin “EZET” have recorded a neutral flow.
On the flip side, Grayscale’s “ETHE” with a drop of $20.3 Million has recorded an outflow for the 5th consecutive day. Notably, it has recorded 12 out of 13 red days, 1 neutral day, and zero positive days since inception. With this, the total outflow for the day concluded at $13.5 Million.
Can ETH Price Reach $3K This August?
If the bulls continue to dominate the market, the Ethereum price will prepare to test its resistance level of $2,870 this month. Suppose, the ETH coin price holds its value above that level. In such a case, the altcoin leader will head toward its upper high of $3,272 during the upcoming weeks.
However, if a bearish reversal occurs, the ETH price will test its support level of $2,530. Moreover, if the bulls fail to regain momentum at that point, the price will plunge toward its yearly low of $2,175.
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