Riding the wave of excitement from the recent approval of Ethereum ETFs in the US, the price of Ethereum (ETH) has skyrocketed. But as the market holds its breath, a formidable barrier of $3,900 stands in the way of further gains.
With a staggering fully diluted valuation of $465 billion and a circulating supply of 120 million, Ethereum is tantalizingly close to reclaiming its throne and reaching its all-time high.
Attention is mounting from both institutional investors and retail traders towards the thriving Ethereum ecosystem. Renowned for its robust tokenization platform and efficient layer-two solutions, the Ethereum network has captured the attention of a diverse group of users.
Memecoins – Powering Ahead
While Ethereum buyers are facing a tough battle to break past the $3,950 mark, the world of meme coins is on fire. The likes of Pepe, Floki Inu, and Turbo are taking the market by storm, with a whopping 4% surge in the last 24 hours.
The meme coin market has skyrocketed to a staggering $66 billion, with a jaw-dropping daily trading volume of nearly $9 billion.
As the meme coin market skyrockets, Ethereum’s supply on centralized exchanges plummets to a multi-year low. However, groundbreaking data from IntoTheBlock reveals a surprising trend – the net inflow of Ethereum to these exchanges has surged to levels not seen since January.
In a dramatic turn of events, the weekend saw a record-breaking 140k net inflow of Ether to centralized exchanges, the highest in four months.
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Technical Analysis: What’s Next for ETH?
Ethereum’s price sets its sights on a thrilling new target zone between $4,328 and $4,590 against the US dollar! With the daily 3.618 and 4.236 Fibonacci Extension levels in perfect alignment, the stage is set for an epic battle between the bulls and bears.
But if the bulls fail to break through the $4,000 mark in the coming weeks, brace yourself for a nail-biting showdown as Ethereum fights to hold onto its stronghold at $3,525.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.