The global crypto market continues to experience mixed sentiments, yet stalwarts like Bitcoin and Ethereum show remarkable resilience, holding onto gains from the previous day. According to CoinMarketCap, the total market capitalization saw a modest rise of 1.47%, reaching $2.15 trillion, while trading volume fell by 17.88% to $63.99 billion.
ETH Price Action
Ethereum has weathered considerable volatility but remains firmly above the $3,000 threshold. At the time of writing, ETH is trading at $3,096, marking a 1.39% increase over the last 24 hours. Its price fluctuated between a low of $3,025.51 and a high of $3,129.02 during the day. Similarly, Ethereum’s market cap rose by 1%, reaching $370.23 billion.
Despite these modest gains, the ETH token has yet to neutralize the bearish trend in its market. However, a breakout above the $3,600 mark could clear the path for renewed bullish momentum in the near future. Meanwhile, its 24-hour trading volume decreased by 21.83% to $14,294,058,348.
Is a Rise to $3.4K Mark Possible?
Focusing on the 4-hour chart analysis, the ETH price is anticipated to continue ascending in the short term as it trades above the 20-day moving average. Moreover, originating from the oversold regions, the RSI sharply rose above the neutral line at 57.04, further corroborating this market optimism.
This positive price action is likely to push ETH toward the $3,200 resistance zone. Breaking this level could drive ETH to the $3,480 mark, around the 61.8% Fibonacci level, a high seen on July 1, representing an 11% increase from its current price.
Conversely, if FUD takes over, ETH could dip toward the 20-day moving average for support. A breach below this level could push ETH to deeper lows, targeting July’s low of $2,813.
Meanwhile, Ted Pillows, a prominent figure in the crypto community, predicts that Ethereum (ETH) is on the verge of a bull run. According to Ted, ETH is currently trading within a consolidation range, which is often a precursor to significant upward movement.
Also Read: Ethereum ETF Amendment Deadline- Will SEC Approve ETH ETFs This Week?
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