Ethereum (ETH) has gained slightly by 1.2% in the last 24 hours and has reclaimed its price above the $3,000 price.
The recent gains follow a bold recovery across the cryptocurrency market that has seen the total market capitalization gain by nearly 2%.
The top ten largest cryptocurrencies by market capitalization are trading in the green today.
ETH Price Soars Past $3,000
Ether was among the worst-hit tokens during the recent bearish trend across the crypto market. Despite the recent slight gains, ETH remains down by nearly 8% in the last week.
The price of ETH has been on a clear downtrend since the beginning of July, with the price plunging from around $3,500 to $2,800 last week. The dip followed a panic across the cryptocurrency market.
ETH is now recovering, given that the price has rebounded above $3,000. Ether was trading at $3,080 on July 10 as of 04:15 a.m. EST.
The altcoin faces a crucial resistance level at $3,100, and more buyer support is needed for ETH to break through. The Relative Strength Index (RSI) has dropped below 50, showing that buyer support might be waning.
The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, showing a bullish trend. However, the MACD line is flattening out, indicating that the momentum might be slowing down.
The MACD histogram bars have also shifted to the negative side, suggesting a bullish trend. Moreover, ETH has yet to reach the overbought level, showing that the uptrend might continue, and the price might remain above $3,000.
According to trade @Ali_Charts on X, whales have accumulated ETH after the recent downtrend.
Whales are wallet addresses holding a large amount of ETH tokens, with their trading volumes having the ability to affect prices.
Another trader on X @CryptoMichNL says that Ether’s recent performance has seen the altcoin outperform Bitcoin.
As such, it was only a matter of time before the altcoin market starts picking up the pace and trending upwards.
Ether ETF Approvals Set To Drive Price
The recent interest in Ether could be attributed to the market anticipation around the approval of Ethereum exchange-traded funds (ETFs).
Analysts at Blomberg had earlier predicted that spot Ether ETFs could launch before the end of the month.
The updated prediction comes as ETF issuers file S-1 registration statements with the US Securities and Exchange Commission (SEC).
According to trader @DaanCrypto on X, Ether’s price could soar to $3,350 in the coming days.
The rally will be driven by news around ETH ETF approvals and issuers’ filings of S-1 registration statements.
