On July 10, Ethereum (ETH) made a significant breakthrough, crossing the critical $2700 level and ending a four-week sideways trend.
Key Technical Signals for Ethereum
Starting the month at $2484.51, Ethereum has shown a notable 17.04% increase in value in July. Its daily surge of 6.2% effectively triples Bitcoin's 2.2% growth. The open interest in Ethereum futures on the Chicago Mercantile Exchange has surged to $3.27 billion, the highest level since February 2. Furthermore, institutional investors are gravitating towards ETH through regulated products, as evidenced by eight consecutive weeks of net inflows into spot Ethereum ETFs.
How Close Are We to the Altcoin Season?
Market research firm Swissblock emphasizes the critical nature of the upcoming 72 hours. Should Ethereum maintain its momentum and continue to strengthen against Bitcoin, the dominance of the altcoin market unseen since 2021 might be confirmed. Under such circumstances, capital inflow into medium-sized altcoins might accelerate, potentially heralding the onset of an altcoin season.
Prospects for Further Growth of Ethereum
Should Ethereum's price fall below $2750, the upward momentum might weaken. Analysts point out that in case of a pullback, $2375 will be the first significant support level. Otherwise, the price might remain trapped in a protracted horizontal range. For the upward trend to persist, sustained volume purchases and daily closings above $2795 are deemed crucial.
The market situation for Ethereum remains dynamic, and further price movements could significantly impact the altcoin market. Investors are monitoring critical support and resistance levels.
