On July 18, cryptocurrency markets reached new highs, with Bitcoin hovering around $118,000. Following a challenging first half of the year, the resurgence of risk appetite suggests potential shifts in market dynamics. This article delves into the latest graphical evaluations from various analysts regarding Ethereum.
Key Market Movements of Ethereum
In the ETHBTC pair, surpassing the 0.03BTC level accelerated the rise in altcoins. Weekends are typically characterized by low trading volumes, and as another weekend approaches, maintaining strong appetite could reverse the trend of unsold declines observed in bear markets.
DaanCrypto has highlighted a pivotal level for Ethereum, suggesting that the journey is already halfway completed.
"ETH is genuinely striving to reach the $4,000 mark. Be cautious not to succumb to FOMO with such candlesticks. It’s anticipated that ETH’s movement will pull numerous other cryptocurrencies along. Just yesterday, ETH Spot ETFs recorded a large volume of $602 million. The inflows over the past two days surpassed the total ETH mined since the merger, which is quite a crazy statistic."
Pentoshi's Perspective on the Current Situation
According to Pentoshi, the situation is quite straightforward:
"When ETH was at $2400-2500, they indicated they’d purchase billions. Similar to when the BTC ETF was launched. Traditional finance always hints at what’s next. It’s almost consistently free trading. Currently, they’re telling you they’ll increase much more and intend to do so.
Simply buy and do nothing. Right now, intelligence isn’t necessary for profitability, nor is patience. Just ride the waves of institutional funding until the train halts. It truly is that simple."
Demand for Dogecoin
Following the announcement of a half-billion-dollar treasury, the subsequent spot demand pushed the price over $0.24 today. Martinez emphasizes the strengthening bullish sentiment by highlighting the volume of purchases over the past 48 hours. A total of $1.08 billion worth of DOGE was bought.
Cryptocurrency markets are showing significant activity, particularly with Ethereum and Dogecoin. Analysts indicate a change in market dynamics and increased interest from institutional investors, which may forecast further growth in the future.
