Ethereum Hit Highest Level Since July
Ethereum’s price reached $3,500, the highest level the cryptocurrency has experienced in four months since it surpassed $3,500 on July 21. As of this writing, Ethereum has dropped back to about $3,445, up 3% for the day and 11.4 percent for the week, according to data from Binance. Ethereum underperformed compared to its major peers in the altcoin market.
ETH surged by only 49% since the year began. Bitcoin has increased 133% during this time, while Solana (SOL) has increased 150% Price action highlighted that the super altcoin experienced corrective retracements throughout its upward trajectory, with support located at $3K, close to the 200-day moving average.
The digital asset pushed back below the critical $3.5K resistance, which is in line with earlier swing highs, by increased buying activity, which served as strong support. A decisive supply zone, even with the renewed bullish momentum, is the $3.5K threshold.
If the $3.5K resistance is broken, buyers will likely continue to move towards its all-time high. Though most recent price action affirms the market might go through a protracted period of consolidation as it digests recent gains. A
Ethereum exchange-traded funds (ETFs) saw inflows of $91.3 million last Frida, after six days of outflows totaling $222.7 million, , according to data from CoinGlass. The cryptocurrency market has been extremely bullish following the election of Donald Trump as the 47th President of the United States, .
The market is on a green mode amid pro-crypto pledges made by the president-elect included establishing a strategic Bitcoin reserve and halting the SEC’s crypto crackdown.
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