Ethereum (ETH) is showing signs of life after a slump. It’s climbed back above $3,300, a 7.5% jump in a week, mirroring Bitcoin’s recent gains. This has everyone watching closely, especially with positive market vibes and key indicators suggesting more growth is possible.
The Road to $3,500
Crypto analyst ShayanBTC noticed Ethereum consolidating between $3,200 and $3,500. He thinks a big price jump is possible. Funding rates – a measure of market sentiment – are rising again, showing more people are betting on Ethereum’s price going up.
Breaking through $3,500 is the key hurdle. There’s a lot of Ethereum available at that price, so sustained buying pressure is needed. Shayan says to keep an eye on those funding rates. If they keep climbing, it’s a good sign that Ethereum could surge past $3,500. For that to happen, the futures market needs to stay positive, with more people buying and holding.
Ethereum’s Current Performance and Future Outlook
At the time of writing, Ethereum is trading around $3,346, up 1.3% in the last day and over 10% in the last week. That’s good news, but it’s still about 31.3% below its all-time high of $4,878 from November 2021.
Even so, some analysts are optimistic, especially with a more crypto-friendly political climate. One analyst, Trader PA, even pointed out a bullish chart pattern that could lead to a big rally if Ethereum breaks through a certain resistance level. (Note: The inclusion of a tweet mentioning a specific political figure and price prediction is included for context but should be viewed with skepticism.)