Fueled by the long-awaited approval of spot Ethereum ETFs in the US, Ethereum (ETH) surged in price. But can the momentum continue? A stubborn resistance level of $3,900 is currently blocking the path higher. With a fully diluted valuation (FDV) of about $465 billion and a circulating supply of around 120 million, Ethereum is on the verge of possibly retesting its all-time high (ATH).
Both institutional investors and retail traders are showing increasing interest in the Ethereum ecosystem. The Ethereum network is well-regarded for its secure tokenization platform and scalable layer-two solutions, making it attractive to a wide range of users.
Memecoins – Powering Ahead!
As Ethereum buyers struggle to push Ether’s price beyond $3,950, the meme coin market is booming. Leading coins like Pepe (PEPE), Floki Inu (FLOKI), and Turbo (TURBO) have driven the meme coin market up by over 4% in the past 24 hours, reaching about $66 billion with a daily trading volume close to $9 billion.
The rise of the meme coin market is affecting Ethereum’s supply on exchanges. Despite Ethereum’s supply on centralized exchanges being at a multi-year low, on-chain data from IntoTheBlock shows that net inflow to these exchanges has hit its highest level since January.
Over the weekend, Ether’s net inflow to centralized exchanges reached 140k, the highest in four months.
Technical Analysis: What’s Next for ETH?
From a technical standpoint, Ethereum’s price against the US dollar is aiming for the next target zone between $4,328 and $4,590, which aligns with the daily 3.618 and 4.236 Fibonacci Extension levels. If Ethereum bulls cannot push the price beyond $4,000 in the coming weeks, the top altcoin is expected to find strong support around $3,525.
Also Check Out : Has the Bitcoin Bull Market is Over? Here’s What Technicals Say About the BTC Price Rally!
Could Ethereum’s next move signal a major shift in the crypto landscape?
