The crypto industry market capitalization rose from $2.075 trillion to over $2.14 trillion in the last 24 hours, recording a 4.89% increase, with Bitcoin reclaiming its $61,000 mark and posting a 4.13% gain.
Ethereum price has shown a similar trend, adding 2.76% to its portfolio with a trading volume of $12.17 billion, an increase of 17.29%. This has led to questions like “Will Ethereum hit $3,000?” and “How high will ETH price go in 2024?”
ETH price on the verge of a major breakout?
Since May, Ethereum price has been trading in a bullish expanding triangle pattern, indicating weak price action. On the positive side, it has successfully retested its crucial support trend line, indicating a possible bullish reversal in the market.
Moreover, an ascending triangle pattern has also formed with the recent price jump. This indicates a steady increase in buying pressure for the Ethereum cryptocurrency in the market.
Market sentiment for Ethereum tokens
The 50/200-day EMA has formed a death cross on the ETH price chart on the 1D time frame. This reflects a strong bearish influence in the cryptocurrency market.
However, the RSI indicator has been recording a consistent uptrend with its average trend line showing a bullish movement, highlighting the uncertainty surrounding the altcoin leader’s future price action.
Ethereum Spot ETF Update
In the last 24 hours, Grayscale’s “ETH” recorded the highest inflow at $4.9 million, followed by Bitwise’s “ETHW” at $1.9 million. On the other hand, Blackrock’s “ETHA”, Fidelity’s “FETH”, 21 Shares “CETH”, VanEck’s “ETHV”, Invesco’s “QETH” and Franklin’s “EZET” recorded neutral inflow.
On the other hand, Grayscale’s “ETHE” recorded its fifth consecutive day of outflows, dropping $20.3 million. Notably, it recorded 12 out of 13 red days, 1 neutral day, and zero positive days since its launch, bringing the total outflow for the day to $13.5 million.
Can ETH price reach $3,000 this August?
If the bulls continue to dominate the market, Ethereum price will prepare to test its resistance level of $2,870 this month. Assuming the ETH coin price maintains its value above this level, in such a case, the altcoin leader will head towards its maximum level of $3,272 in the coming weeks.
However, if there is a bearish trend reversal, the ETH price will test its support level of $2,530. And if the bulls fail to regain momentum at this point, the price will drop to its yearly low of $2,175.
