Ethereum, the second-largest cryptocurrency by market capitalization, has just broken above $3,400. This rally is powered by technical breakouts, institutional capital inflows, and a flood of decidedly bullish sentiment from a mainly long retail trader base. The digital asset has proven an impressive 12.06% growth in the last 24 hours and is trading at 3,403.95 USDT right now. This latest boom is further evidence of the positive sentiment and technical undercurrents driving the cryptocurrency.
Ethereum have recently exploded beyond $3,280. This movement has been significant enough for it to escape a four-year descending wedge that had held prices under the 2021 high. The breakout from this pattern might increase Ethereum’s price explosively. It could be on track to meet ambitious targets of $3,400 and $5,000 by year’s end.
The cryptocurrency was trading in a tight-knit range around the resistance for a significant period leading up to the recent breakout. Now, after breaking through important resistance levels, Ethereum is looking to continue on the path to new highs.
Besides Bitcoin, institutional buyers are loading up on Ethereum. This is only adding to the bullish run, and on-chain metrics support the bullish case even more. A decidedly bullish sentiment still dominates among traders, with $3,300 and $3,400 as important resistances being eyed.
In fact, we are seeing very strong bullish sentiment from traders. Specifically, some 45% of open interest for the July 18 expiry is focused on the $3,400 strike. This clump of attention provides more confirmation for Ethereum’s moving in a decidedly positive direction.
The optimistic prospect has been amplified by institutional inflows this week, a clear indicator of confidence in Ethereum’s long-term potential. Ethereum’s recent surge is a historic milestone, cementing its much deserved importance and stature to the overall digital asset ecosystem.
