Ethereum Tested This Level Seven Times! Will ETH Start Its Rally Now?

Ethereum, which remains strong despite the outflows in spot Ethereum ETFs, may be preparing for a rise.

According to the Deribit Insights report, Ethereum continues to hold on to the $2,860 support level, which has been tested many times since July 5, indicating that the rise is near.

Stating that they expect institutional interest and investments to increase with the approval of ETH ETFs, Deribit analysts said that this interest and strong support could potentially push ETH up to $4,500.

“Ethereum appears to be currently trending sideways on the daily chart.

Ethereum has formed a key support level near $2,860, which has been tested seven times. This repeated test indicates strong demand, with buyers continually entering the market at this level to prevent further price declines.

This important support level was also instrumental in ETH's previous rise to $4,080. This situation may restart another rise in ETH.

Broader crypto market sentiment remains bullish, especially with the recent approval of Ethereum ETFs. This development is likely to increase institutional interest and investment in ETH and potentially increase its price.

“Given the strong support at $2,860, the recent approval of ETH ETFs, and the positive sentiment in the cryptocurrency market, Ethereum's future outlook looks promising.”

*This is not investment advice.

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