Can he do that? 🦫 🚀

$ETH

on-chain activity and increasing institutional participation providing strong support for the asset.

Factors Driving Ethereum's Bullish Momentum

▶️ According to popular analyst Karl Runefeldt, Ethereum is in a strong position to continue rising once it breaks the crucial resistance at $3,500. Runefeldt explained in his technical analysis on the X platform that this break could lead to a rapid rise towards $3,700, and possibly as high as $3,900 if the bullish momentum continues.

1. Institutional:
🔸️Institutional players continue to show interest in Ethereum, with rising participation in Ethereum-based products such as ETFs and staking services. This institutional backing is crucial, as it brings more liquidity and stability to the market.

2. Activity:
🔸️Ethereum’s network activity, including daily active addresses and transaction volume, has remained robust. This indicates strong user engagement, further bolstering the cryptocurrency's bullish case.

3. Market Sentiment:
🔸️The broader market sentiment has shifted positively, with Bitcoin’s recent rally also providing a tailwind for Ethereum. Historically, when Bitcoin performs well, altcoins like Ethereum often follow suit.

▶️Key Resistance and Support Levels to Watch

🔸️Ethereum is currently trading near a critical resistance zone at $3,500. If it breaks this level, analysts predict a swift move toward $3,700, with the ultimate target around $3,900. However, failure to break this resistance could lead to a retest of the $3,200 support level.

Support Levels:

$3,200

$2,965 (200-day MA)

Resistance Levels:

$3,500

$3,700

$3,900

What’s Next for Ethereum?

🟢The coming days will be crucial in determining Ethereum’s trajectory for the remainder of the year. A successful breakout above $3,500 could ignite a rally that pushes ETH toward $3,900, bringing it closer to reclaiming its previous all-time highs. Conversely, a rejection at current levels might result in a short-term pullback, offering potential buying opportunities for long-term investors.

🔸️As always, traders and investors are advised to monitor key technical indicators and market developments closely.
Disclaimer: Information found on Cryptcup is those of writers quoted. It does not represent the opinions of Cryptcup on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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