Ethereum Hits $4,300 Ahead of Minor Downturn Amid Building Market Momentum

Ethereum ($ETH), the flagship altcoin, is making real progress in the crypto market with its remarkable price movement. As per the latest market data, Ethereum ($ETH) has effectively touched the $4,300 mark this weekend before a slight pullback afterwards.

This positive price trajectory indicates the growing investor interest while the prominent crypto asset is moving toward its all-time high (ATH) of up to $4,891. At present, amid the upward price movement of Ethereum ($ETH), the analysts anticipate its spike to $4,400 in the near term.

Derivatives Surge Fuels Ethereum’s Jump to $4,300

Based on the market statistics, Ethereum ($ETH) has recently reached the $4,300 mark. Nonetheless, with a minor dip following that, it is now changing hands at $4,250, indicating a 4.30% increase over past 24 hours. A notable factor behind this considerable upsurge is the rise in the derivatives activity apart from the wider crypto market resilience.

Keeping this in view, $4,400 is the immediate price target of Ethereum ($ETH) as this level serves as a key resistance level. On the other hand, the immediate support level in the short term is $4,210. However, in the case of a dip below $4,150, the crypto analysts express caution about likely liquidations.

Ethereum Staking Surge Signals Potential Price Rally

Simultaneously, Ethereum’s exchange activity has also grown to a significant extent. In this respect, continuous deposits are taking place with over twenty-seven percent of the cumulative supply remaining staked. This limits rapid sell pressure while network gas is still stable and DeFi protocols are generating large amounts of fees.

According to the market onlookers, the wider CoinDesk 20 Index has risen by 4.5% over 24 hours, and risk appetite is also enhancing. Thus, if $ETH holds above the $4,250, derivatives growth could push the token higher at $4,400. Contrarily, failing to surpass the resistance level may pave the way for a downtrend to the $4,180-$4,200 range before another attempt for a rally.