Ethereum's price is experiencing a breakout, fueled by surging network activity and an increase in total value locked (TVL), which has risen by 41% to $52.8 billion in just 30 days. The number of daily transactions has also increased by 22%, reaching 1.34 million. Technical analysis indicates that the price is likely poised to target the $3,000 level, previously facing major resistance around $2,100 to $2,800. A key support level now stands at the 50-day simple moving average of $1,775. Analysts express optimism about a potential bullish reversal, with some predicting a price range of $2,150 to $3,500 in the coming weeks. However, a significant drop in Ethereum's fees year-to-date, alongside substantial outflows from US-listed Ether ETFs, introduce concerns about the sustainability of this upward trend. Investors are advised to conduct thorough research before making trading decisions, as the market remains volatile and carries inherent risks.

Source 🔗