Ethereum Development Activity Spikes: Will ETH Prices Follow To $3,500?
Ethereum is firm at press time but ETH but bulls must break above $2,800 before a new trend is established
Ethereum is building up bullish momentum at a rampant phase. Looking at the daily chart, the lift-off in Bitcoin also changed sentiment for top altcoins, mostly ETH. When writing, prices might be steady, but the trend is clear: bulls have the upper hand. As it is, traders expect prices to breach $2,800, anchoring the base for another leg up that might see the second most valuable coin soar to $3,000 or higher in the coming sessions.
At press time, Ethereum is steady but within a bullish breakout formation. The coin is flat in the past day thanks partly to the general inactivity over the weekend. However, in the previous week, ETH is up 5% though trading volume is low but decent at $9.3 billion.
Traders are closely monitoring the following trending Ethereum news:
- Developer activity on Ethereum is picking up steam. Based on the number of weekly commits, over 42,000 were submitted by developers. Interest in building Ethereum layer-2s is clear since nearly 6,000 commits were submitted on Arbitrum and Base, respectively.
- Sony, one of the world’s popular entertainment groups, is building an Ethereum layer-2, Soneium. The platform gives the group an opportunity to leverage the capabilities of the blockchain technology. At the same time, it allows its users to have a secure and decentralized experience.
Ethereum Price Analysis
ETH/USD is steady at press time.
From the daily chart, bulls are in the driving seat.
While the uptick of August 23 is evident, it didn’t close above the bull flag and the recent range.
Technically, a close above $2,800, preferably with rising engagement, will be ideal for trend continuation.
In that event, traders can consider longs, aiming at $3,300 and $3,500.
Even so, aggressive, risk-off traders can load on dips above $2,500, expecting bulls to flow through and thrust the coin to fresh levels.
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