Ethereum Surges 2% to $2,993 as Bulls Hold $2,900 Support

Ethereum's price has shown signs of recovery after experiencing a decline on July 12. The cryptocurrency had previously surged, briefly crossing the $3,000 mark, and crossed the key resistance of $3,000 for the first time in five months, indicating growing trader confidence. Despite recent losses, experts remain optimistic about Ethereum's future price trajectory. The decline in Ethereum's price followed a broader crypto market downturn, with nearly all top ten cryptocurrencies recording a slump, dragging down the global crypto market cap. However, most cryptocurrencies were trading in the green at press time, suggesting a potential market shift upwards.

Ethereum's price has increased by more than 2% to $2,993, with the bulls continuing their dominance as the crypto holds the brief $2,900 support. The Ethereum price has touched a high of $3,010.35 and a low of $2,920.82 in the last 24 hours. Despite recent losses, the crypto has added more than 16% on the weekly chart and soared more than 6% over the past 30 days. Analysts remain hopeful about a potential reversal ahead, with some market pundits hinting that Ethereum is poised to break through the $3,500 level soon, potentially continuing its run to $4,000.

Renowned analyst Rekt Capital noted that Ethereum is currently filling its Monthly CME Gap, located between $2,900 and $3,350, which could be a crucial step towards a potential price reversal. Expert Michael van de Poppe believes that if Ethereum holds the $2,800 level as support, it could rally to $3,500. Another analyst, Ali Martinez, echoed a similar bullish sentiment, stating that Ethereum is poised for a breakout with a good chance of rising to $4,000 if momentum builds. Martinez highlighted the $2,776 level as a crucial support for the flagship crypto.

The bullish predictions are further backed by robust institutional interest in the asset. The US Spot Ethereum ETF has continued to gain traction with robust fund flows over the past few weeks, indicating that institutions are betting heavily on ETH, reflecting their strong confidence in the crypto. According to the data, the US Ethereum ETF recorded an inflow of $204.9 million on Friday, July 11, with the weekly influx totaling $908 million and no outflows. The Ethereum ETFs have continued to record inflows for the past six consecutive days, which might also help gains in the crypto in the near future, potentially sending its price to around $3,500. If the bulls remain in control, Ethereum could further continue its rally to the north, potentially targeting the $4,000 mark again in the coming days.