Ethereum Surges Past $3,770 as NFT Revival Fuels 50% Monthly Rally
Ethereum's price has risen to $3,770, a strong 3% gain in the last 24 hours. This is happening at the same time as a big recovery in the NFT
Quick overview
- Ethereum's price has increased to $3,770, marking a 3% gain in the last 24 hours and a 50% rise since July 6.
- The NFT market is experiencing a significant recovery, with trading volumes reaching $75 million, a 300% increase from two weeks ago.
- Institutional confidence is indicated by a whale purchasing 45 CryptoPunks NFTs, driving their floor price up to nearly $175,000.
- Technical analysis suggests Ethereum could target $4,000 if it maintains support at $3,730, supported by strong bullish momentum.
Ethereum’s ETH/USD price has risen to $3,770, a strong 3% gain in the last 24 hours. This is happening at the same time as a big recovery in the NFT ecosystem, which has pushed weekly trading volumes to six-month highs. The second-largest cryptocurrency in the world has seen a huge 50% rise from its low of $2,525 on July 6. This shows that there is a strong link between network activity and price growth.
The NFT market has come back strong, especially on Ethereum. In the past week, trading volume reached $75 million, a huge 300% rise from only two weeks ago when volumes were only $18.3 million. This spike is the most NFT activity we’ve seen since mid-January, which means that both institutions and regular people are once again interested in digital collectibles.
Ethereum Whale Activity Signals Institutional Confidence
Over the weekend, market sentiment got a big lift when an unknown whale bought 45 CryptoPunks NFTs in a single buying binge worth millions of dollars. This action at the institutional level drove the floor pricing of CryptoPunks up to almost $175,000, showing that there is a lot of demand for high-quality NFT assets and that people are generally confident in Ethereum’s ecosystem.
The whale activity happens at the same time that new rules come into effect. For example, Cboe BZX has filed for a PENGU token ETF from Canary Capital that would hold assets from the Ethereum-based Pudgy Penguins collection. The development of these kinds of products by institutions shows that Ethereum-based digital assets are becoming more widely accepted.
ETH/USD Technical Analysis Points to $4,000 Target
From a technical point of view, Ethereum’s present momentum looks like it will last because there are a lot of bullish signals that agree. The cryptocurrency has effectively broken over the daily resistance level at $3,730, which now serves as vital support for the continued rally.
The Relative Strength Index (RSI) on the daily chart is currently at 86, which is significantly over the usual overbought level of 70. This means that there is very strong bullish momentum. High RSI levels usually mean that there is a chance of short-term consolidation, but the strong purchasing pressure shows that there is strong demand underneath.
The MACD indicator still shows a bullish crossover that started in early July. The increasing green histogram bars above the neutral zero line show that bullish momentum is gaining strength, not losing it. This technical setup backs up the idea that prices will keep going up.
Ethereum Price Prediction: Bulls Target $4,000 Milestone
If Ethereum keeps going in the same direction and successfully holds the $3,730 level as support, technical analysis implies that it could move up to the $4,000 level, which is a psychological level. This is an additional 6.4% upside from current levels and would be Ethereum’s highest price point since December 2024.
The convergence of technical momentum, increasing network activity through NFT trading, and whale accumulation offers a favorable atmosphere for continued price rise. Traders should, however, keep an eye out for possible pullbacks, with the $3,000 level being seen as a major support level in any correction.
Market experts, like crypto trader Michaël van de Poppe, have called Ethereum’s rise “absolutely phenomenal.” They point out that while ETH has returned to its December highs, many altcoins are still 50–80% below their previous highs, which means that the whole ecosystem has a lot of room to grow.
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