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Ethereum (ETH) Rises 8% Weekly: Is a Bigger Pump Coming Next?
The second-largest cryptocurrency has rebounded from the local bottoms witnessed last month, and now multiple analysts believe the price is ready to jump even higher.
Growing institutional interest supports the bullish thesis and could indeed pave the way for a more substantial upward move.
As of press time, ETH trades at around $1,750, representing an 8% increase over the past week and a 17% rise from its June low. X user Ted <a href="https://x.com/TedPillows/status/2074416956757758421" rel="nofollow" target="_blank">noted</a> that the asset recently tapped the $1,820-$1,850 resistance zone but got rejected. At the same time, he highlighted ETH’s ability to hold the $1,750 support and predicted that a decisive breakout could open the door for a rally toward $2,000.
Earlier this week, Poseidon <a href="https://x.com/CryptoPoseidonn/status/2074565158198731081" rel="nofollow" target="_blank">claimed</a> that ETH has formed a double bottom under $1,800 and wondered why some people expect a decline given how bullish this pattern typically is.
“ETH to $2,500 before September,” they added.
For his part, Ali Martinez <a href="https://x.com/alicharts/status/2074886477281169435" rel="nofollow" target="_blank">said</a> that the asset has recently tested the $1,580 support, reminding that in recent years this specific level has served as “a primary demand zone, halting corrections and triggering major upward expansions.” He noted that in October 2023, this setup was followed by a 149% pump, while last year it secured the floor, fueling a massive 203% explosion.
The renewed interest from institutional investors reinforces the positive outlook. Data show that spot ETH ETFs have seen five consecutive green days, the longest streak since April. This means that pension funds, hedge funds, and other conservative investors have increased their exposure to the asset, forcing BlackRock, Fidelity, Franklin Templeton, and other financial behemoths to purchase ETH, thus setting the stage for a more substantial upswing.
Ethereum’s Relative Strength Index (RSI) indicates that bulls may suffer more pain in the near future. The ratio has increased to 70, meaning that the asset has entered overbought territory and could be due for a correction. The technical analysis tool ranges from 0 to 100, and readings below 30 are considered bullish zones.
Some popular analysts support the theory that ETH hasn’t reached its cycle bottom yet. An example is the popular X user KALEO, who <a href="https://x.com/CryptoKaleo/status/2074877790399213847" rel="nofollow" target="_blank">believes</a> that a potential crash to $1,000 would occur before a possible spike to $5,000.
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