Can Ethereum Price Continue Its Rally to $3.5k?

Ethereum price is starting to look up again after the crypto wiped off some of its recent gains on July 12, Saturday.

The retracement came after the crypto recorded a robust surge earlier this week, briefly crossing the $3,000 mark.

Notably, the crypto crossed the key resistance of $3k for the first time in five months, indicating the growing confidence of the traders.

However, despite the recent losses, experts have stayed optimistic about the potential future journey of the ETH price.

Meanwhile, the decline in the second-largest crypto by market cap also followed a broader crypto market downturn.

Nearly all the top ten cryptocurrencies have recorded a slump earlier today, dragging down the global crypto market cap by 0.74% to $3.66 trillion.

That said, most cryptos in the list were trading in the green at press time as the market scenario seem to be shifting upwards once again.

Ethereum Price Slips But Experts Remain Bullish: Here’s All

ETH price has increased by more than 2% today to $2,993, while its one-day trading volume fell 26% to $15.81 billion.

However, the bulls appear to be continuing their dominance, evidenced by the crypto holding the brief $2,900 support.

Notably, the Ethereum price has touched a high of $3,010.35 and a low of $2,920.82 in the last 24 hours.

Notably, despite its recent losses, the crypto has added more than 16% on the weekly chart, while soaring more than 6% over the past 30 days.

Meanwhile, the derivatives data also shows the gloomy momentum hovering in the Ether market. CoinGlass data showed that ETH Futures Open Interest fell more than 4% during writing to $41.17 billion.

However, despite the current pullback below the $3,000 mark, analysts remain hopeful over a potential reversal ahead.

Besides, a flurry of market pundits also hinted that the top altcoin is poised to break through the $3,500 level soon, potentially continuing its run to $4,000.

Analysts Highlight Key ETH Price Levels: Can it Hit $3.5k?

A flurry of market pundits have shared bullish insights on the Ethereum price’s future movements. According to renowned analyst Rekt Capital, ETH is currently filling its Monthly CME Gap, located between $2,900 and $3,350.

This development could be a crucial step towards a potential price reversal.

Meanwhile, expert Michael van de Poppe believes that if Ethereum holds the $2.8K level as support, it could rally to $3.5K.

In other words, Van de Poppe believes in Ethereum’s potential to rally to $3.5 soon, as long as it holds the brief support.

Simultaneously, another analyst, Ali Martinez, also echoed a similar bullish sentiment. Martinez believes that the Ethereum price is poised for a breakout, with a good chance of rising to $4,000 if momentum builds.

“This might be your last chance to catch the Ethereum breakout,” Martinez stated. He also highlighted the $2,776 level as a crucial support for the flagship crypto.

Meanwhile, the bullish predictions are further backed by the robust institutional interest in the asset.

Ethereum ETF Flow Signals Institutional Interest Remains Strong

The US Spot Ethereum ETF has continued to gain traction with robust fund flows over the past few weeks.

This indicates that the institutions are betting heavily on ETH, reflecting their strong confidence in the crypto.

According to Farside Investors’ data, the US Ethereum ETF has recorded an inflow of $204.9 million on Friday, July 11.

The weekly influx, from July 7 to July 11, into the investment instrument totaled $908 million, with no outflows.

In addition, the Ethereum ETFs have continued to record inflows for the past six consecutive days. This soaring interest might also help gains in the crypto in the near future, potentially sending its price to around $3.5k.

Besides, if the bulls remain in control, it could further continue its rally to the north. Considering Ali Martinez’s prediction, the Ethereum price could also target the $4,000 mark again in the coming days.

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