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ETH The rise of Ethereum: Is the crypto giant starting again?
Ethereum has seen a significant upward trend recently, with an increase of nearly 10% in the past week and briefly breaking through the US$1800 mark for the first time in several weeks. This bullish momentum stems from the fact that ETH net buying orders turned positive on June 28, indicating that buying activity in the perpetual futures market exceeded selling.
Leverage: Power or Resistance?
It is worth noting that the impact of leverage in this rise was not obvious, and the volume of open contracts remained basically unchanged. This detail suggests that price increases are driven by organic trading activity rather than speculative leverage, reflecting a healthier market climate and reduced liquidation risks.
At the same time, the ETH Coinbase Premium Index, which reflects U.S. demand, has improved, suggesting that U.S. investor interest is rekindled. The U.S. spot Ethereum ETF has seen small net inflows for several consecutive days, indicating that institutional investors are cautiously and gradually returning.
Continuous net inflows from U.S. spot ETH funds suggest that institutional interest persists, albeit in a measured manner.
Can Ethereum exceed US$1806?
Ethereum\'s current challenge lies in the resistance level of $1806, which coincides with the 50-day exponential moving average. The relative strength index is 57, indicating favorable momentum and not entering the overbought area, but the stochastic indicator is close to 86, suggesting possible fatigue in the short term.
Breaking through this resistance level could open up space to higher targets, such as $1909 and $1970 near the 100th EMA. Further resistance levels are $2018 and $2108 respectively. Instead, support is around $1741 and $1713 corresponding to the 20th EMA.
The key resistance is at $1806.
The next upside targets include $1909,$1970,$2018 and $2108.
Preliminary support is at $1741 and $1713.
Strategist Daan Crypto Trades emphasized that Ethereum has re-entered its usual $1750 to $2400 trading range. A breakthrough of $1850 could mark a critical turning point in the market and could lay the foundation for a return to previous highs.
Daan Crypto Trades believes that a breakthrough of US$1850 may trigger a structural shift in the market and pave the way for further gains.
Vitalik Buterin proposes to \"streamline Ethereum\"
Ethereum co-founder Vitalik Buterin announced a transformative vision for the future of Ethereum, called \"Streamlining Ethereum.\" The plan outlines a major upgrade comparable to a \"merger\" and lays the foundation for key network changes in the next few years.
The roadmap is expected to evolve Ethereum\'s verification and consensus methods, improve privacy protection and quantum resistance, and restructure the client infrastructure. Notable highlights include the use of recursive STARK to enhance the verification process, with the goal of achieving final confirmation in only one to two consensus rounds.
Given the massive redesign, Buterin envisions Ethereum\'s simplified architecture that will maintain dynamic state data at its current scale, but move to a more efficient architecture that will benefit especially ERC20 tokens and NFTs. This has the potential to significantly reduce transaction costs.
