Ethereum News Today: Ethereum Surges 3% to $3,770 as NFT Market Revives

Ethereum's price has surged to $3,770, marking a 3% gain in the last 24 hours and a 50% rise since July 6. This price rally is fueled by a significant recovery in the NFT market, with trading volumes reaching $75 million, a 300% increase from two weeks ago. The NFT market revival is evident, with Ethereum maintaining a dominant position in NFT trading, generating $32 million in sales over 24 hours, a 339% spike. This resurgence in NFT activity has pushed weekly trading volumes to six-month highs, indicating renewed interest from both institutions and individual investors in digital collectibles.

The NFT market revival is characterized by rising blue-chip floor prices and a total market cap exceeding $10 billion, nearing 2021's $15.6 billion peak. This revival aligns with Ethereum's recent price gains, with support levels for ETH currently hovering around $3,200, and a break above $3,600 could confirm bullish momentum driven by this NFT resurgence. The NFT market has seen a sharp rebound in trading, with total weekly sales across all blockchains topping $110 million last week.

Institutional confidence is indicated by a whale purchasing 45 CryptoPunks NFTs, driving their floor price up to nearly $175,000. This action at the institutional level shows that there is a lot of demand for high-quality NFT assets and that people are generally confident in Ethereum’s ecosystem. The whale activity coincides with the development of new products by institutions, such as the filing for a PENGU token ETF that would hold assets from the Ethereum-based Pudgy Penguins collection. This development shows that Ethereum-based digital assets are becoming more widely accepted.

From a technical point of view, Ethereum’s present momentum looks like it will last because there are a lot of bullish signals that agree. The cryptocurrency has effectively broken over the daily resistance level at $3,730, which now serves as vital support for the continued rally. The Relative Strength Index (RSI) on the daily chart is currently at 86, which is significantly over the usual overbought level of 70. This means that there is very strong bullish momentum. High RSI levels usually mean that there is a chance of short-term consolidation, but the strong purchasing pressure shows that there is strong demand underneath. The MACD indicator still shows a bullish crossover that started in early July. The increasing green histogram bars above the neutral zero line show that bullish momentum is gaining strength, not losing it. This technical setup backs up the idea that prices will keep going up.

If Ethereum keeps going in the same direction and successfully holds the $3,730 level as support, technical analysis implies that it could move up to the $4,000 level, which is a psychological level. This is an additional 6.4% upside from current levels and would be Ethereum’s highest price point since December 2024. The convergence of technical momentum, increasing network activity through NFT trading, and whale accumulation offers a favorable atmosphere for continued price rise. Market experts have called Ethereum’s rise “absolutely phenomenal.” They point out that while ETH has returned to its December highs, many altcoins are still 50–80% below their previous highs, which means that the whole ecosystem has a lot of room to grow.

Ethereum’s price surge follows renewed NFT interest and whale activity. The NFT market cap increased by over 28%, peaking at $6.4 billion, indicating robust sector activity. Participants identified over 5,400 active Ethereum wallet addresses engaged in the current NFT-led rally. This resurgence highlights the economic contributions NFTs make through cultural and social avenues. The impact is most significant on Ethereum’s market dynamics, with a noted 3% rise to $3,770 within 24 hours.

Ethereum's success in leveraging NFT trends underscores its dominance in the space, further fueled by consistent whale purchases and growing daily transaction volumes. Historical trends suggest Ethereum price spikes align with NFT market booms. A surge in trading volume and blue-chip investments often precedes significant ETH price hikes, suggesting similar outcomes in current scenarios. NFTs embody identity, social status, and community belonging, which drive real economic value.