In the last month, the price of Ethereum has gone up by 46% and experts think that the coin will soon be worth a lot more. The main reasons for this growth are the stable interest in spot ETFs and improved market structure. The founder of MN Trading, Michael van de Poppe, is confident that ether is approaching an important upward breakout.
A key support level is around the $2,400 mark, while the resistance zone sits between $2,680 and $2,850. Van de Poppe says that the coin needs to get past these problems to reach new record highs.
The Rekt Capital analyst has also noted that Ethereum is trying to establish the $2,500 level as new support.
$ETH Ethereum is trying to reclaim $2500 as support and solidify it as the new Range Low of the $2500-$4000 Macro Range (black-black)
In case of a successful consolidation above this level, Ethereum could open the way to new records, as it was in 2021. The analyst from Crypto Eagles also added that the current price of Ethereum reflects a similar structure to the one seen in 2016-2017 and believes that the asset could easily cross the $6,000 mark.
The ETH/BTC pair is now controlled at around 0.02499, which is 41.5% higher than the all-time low of 0.01766 reached in April. Trader Daan Crypto Trades highlighted the consolidation of ETH/BTC within the 0.022–0.026 range. Breaking above this level could give other altcoins more momentum relative to bitcoin.
If you want to track how altcoins are likely to perform relative to $BTC, one of the main factors will be the $ETH/BTC chart strength.
After the recent squeeze, it has been consolidating between this ~0.022-0.026 range.
He thinks that a break above this level will temporarily boost ALT/BTC pairs. The strength of the ETH/BTC chart will be one of the main factors for the dynamics of altcoins relative to Bitcoin.
Big investors are putting money into Ethereum more often than into Bitcoin. We can see this because more money has been going into US Ethereum spot ETFs in the last twelve days.
According to CoinShares, inflows into cryptocurrency investment funds totalled $286 million from 24 to 30 May, thanks to an inflow of $321.4 million into Ethereum-based instruments.
In May, Bernstein analysts named three main factors of Ethereum growth, highlighting that the ratio in the ETH/BTC pair fell by 45% due to Bitcoin’s dominance as a store of value. It looks like retail flows are moving to cheaper L1 networks like Solana, which has made things a bit uncertain for Ethereum. But the growth of stablecoins and tokenization, and the closing of short ETH positions, could be changing the situation.
Almost 51% of stablecoins are on Ethereum, and Tether’s USDT market leader is valued at $150 billion. This is predicted to grow to $2 trillion by 2028, with a key platform being Ethereum.
Ethereum dominates the tokenised asset sector, which could reach $4 trillion in 10 years. L2 networks like Base are a crucial part of the crypto infrastructure for institutional investors and ETH is becoming more popular as a gas token.
Institutional players have finally started using delta neutral hedging too, which has also helped Ethereum to grow.
If you want to learn more about Ethereum or track its value in real time, you can do so on our website. We also provide the ability to track Ethereum transfer fees in real time.
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