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Ether eyes $3,400 as bulls push price above $3k

Ether eyes $3,400 as bulls push price above $3k

CoinjournalCoinjournal2025/07/14 18:20
By:Coinjournal
Ether eyes $3,400 as bulls push price above $3k image 0

Key takeaways

  • Ether is up 3% in the last 24 hours and now trades above $3k.
  • The coin could rally towards $3,400 soon amid bullish sentiments.

Ether tops $3k as BTC hits a new all-time high

The cryptocurrency market is having an excellent start to the week, with Bitcoin and other major cryptos in the green. Bitcoin, the leading cryptocurrency by market cap, hit a new all-time high of $123k earlier today after adding more than 4% to its value in the last 24 hours.

It has slightly retraced to the $121k region, but analysts expect it to resume its upward movement soon. 

Ether, the leading altcoin and second-largest cryptocurrency by market cap, is not left out of this rally. Ether added more than 3% to its value in the last 24 hours and is now approaching the $3,100 mark.

This rally comes amid growing institutional demand for Ethereum products. Data obtained from Coinglass revealed that spot Ethereum ETFs recorded a $1.4 billion volume over the last 24 hours. Thanks to the growing volume, Ethereum ETFs now have over $12 billion in assets under management, led by BlackRock’s iShares Ethereum Trust ETF. 

ETH targets $3,400 as bulls look to push price higher

The ETH/USD 4-hour chart is bullish and efficient, suggesting that Ether could rally higher in the near term. Ether inches closer to the 61.8% Fibonacci retracement level at $3,067 drawn from the December 16 high of $4,107 to the April 9 low of $1,385. 

A daily close above this level could see ETH rally towards the 78.6% Fibonacci level at 3,525. Furthermore, its 50-day Exponential Moving Average (EMA)  crossing above the 200-day EMA suggests a golden crossover, generally considered to be a buy signal.

Ether eyes $3,400 as bulls push price above $3k image 1

The RSI of 73 and the MACD lines within the positive zone serve as added bullish confluences. If the rally continues, ETH could cross the first major resistance level at $3,438 over the next few hours or days. An extended bullish performance would allow ETH to hit $3,755 for the first time since January 5th.

However, if Ether fails to hold above $3k, it could retest the 50% Fibonnaci level at $2,751.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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