Ethereum's price in the cryptocurrency market is showing signs of recovery after recent losses, climbing back above $2,900. Experts remain optimistic about the asset's future prospects.
Ethereum Price: Overall Dynamics
Ethereum's price increased by over 2%, reaching $2,993. However, its daily trading volume fell by 26% to $15.81 billion. Despite recent losses, ETH holds the $2,900 support level and has shown over 16% growth in the past week.
Key Level Analysis
Analyst Rekt Capital noted that Ethereum is currently filling its Monthly CME Gap, located between $2,900 and $3,350. This development precedes hopes of a possible recovery. Additionally, expert Michael van de Poppe believes that if ETH holds the support level at $2,800, it could rise to $3,500. Similar positive assessments were made by Ali Martinez, who indicated $2,776 as a crucial support level.
Institutional Interest in Ethereum
There is a sustained interest from institutional investors, evidenced by fund data for Ethereum ETFs. From July 7 to July 11, the ETF recorded a capital inflow of $908 million. This suggests that organizations continue to actively invest in Ethereum, supporting hopes for its further growth.
Ethereum's price shows signs of recovery, and analysts express optimism regarding potential growth. Institutional interest may also play a significant role in this process.
