Ethereum (ETH) has once again captured the market's attention, surging to $3,349.22—up 7.23% in the last week and 20.48% over the past 30 days. This momentum solidifies Ethereum's position as one of the most stable digital assets amid the fluctuations of the crypto market.
Data from TradingView shows that ETH has successfully broken out of a strong resistance zone around $3,200–$3,250 (as highlighted in the Weekly Roundup: The United States House to Vote on Key Crypto Bills). This level had been a significant barrier since mid-March. With the current price well above the 50-day and 200-day Exponential Moving Averages (EMAs) at $2,859 and $2,644, the medium- and long-term trend for Ethereum remains bullish.
Stochastic RSI Shows Overbought Conditions
While the upward momentum remains strong, the Stochastic RSI is currently in overbought territory, 95.20 and 91.97. This indicates that short-term correction potential could be on the horizon, especially if buying volume weakens in the coming days. However, technically, the price structure continues to support an upward trend as long as ETH does not fall below $3,100. If a healthy consolidation occurs above this level, Ethereum may target the next psychological level of $3,500 and potentially challenge its all-time high (ATH) around $4,800.
AAVE, Trump, and Ethereum’s Role in DeFi
Beyond technical data, narratives outside of charts further bolster Ethereum's appeal. Ethereum and DeFi protocols like AAVE and Chainlink are mentioned in a document related to World Liberty Financial and linked to Donald Trump. While further confirmation is awaited, this underscores Ethereum's role in discussions surrounding the future of the global financial system.
Meanwhile, CoinMarketCap highlights the community's optimism about a potential Ethereum ETF, rumored to soon hit the U.S. market. If the ETF is approved, it could trigger additional buying pressure from institutional investors, similar to the Bitcoin ETF surge earlier this year.
Will Ethereum Lead the Next Altseason?
With a strong market dominance and increasing volume, Ethereum could potentially trigger the next altseason. If Bitcoin remains stable above $120,000, ETH has room for more aggressive moves, especially considering several protocol upgrades in the works. However, investors must remain cautious of high volatility, particularly in light of the dynamic global situation and potential shifts in monetary policies.
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