Key Points
- Ethereum’s market value against the US dollar signals a potential end to its recent wedge correction.
- Whale activities could soon catalyze a 40% increase in Ethereum’s price.
The recent market performance of Ethereum (ETH) against the US dollar indicates a possible end to the recent wedge correction in the near future.
After a strong rebound following a drop below $3k, bullish sentiment for the top-tier altcoin has significantly increased.
Ethereum’s Market Performance
Ethereum’s fear and greed index rose to 64 percent on Thursday, suggesting a rise in market greed.
From a technical analysis standpoint, Ethereum’s price has been consolidating in anticipation of the upcoming altseason.
Bitcoin’s dominance has been forming a macro reversal pattern, amid the ongoing crypto cash rotation to the altcoin industry.
The ETH/BTC pair has also been signaling a potential trend reversal after being trapped on a falling channel in the last two years.
If Bitcoin price rallies towards a new all-time high in the near term, Ethereum price will follow suit, and most likely trigger the much-anticipated altseason.
If Ether’s price consistently closes above the macro resistance level around $4,090, the next major target will be its all-time high (ATH).
Afterward, the thrilling and euphoric phase of the macro altcoin bull run will kickstart.
In case of further midterm correction, Ether price will find a solid support level above $2,160, which has been established in the last nine months.
Ethereum’s Dominance in the Web3 Space
The Ethereum network remains the undisputed Web3 leader despite the emergence of upcoming layer one (L1) chains led by Solana, Toncoin, Tron, Cardano, and BSC, among others.
At the time of writing, the Ethereum network had a total value locked of about $66 billion and a stablecoins market cap of around $114 billion.
With dozens of DeFi protocols, the Ethereum network registered a net revenue of about $2.71 million, and a total of about 403K active addresses, in the last 24 hours.
Consequently, the Ethereum network has attracted more institutional investors seeking to diversify their crypto portfolio to hedge against global inflation.
For instance, the US spot Ether ETFs have registered a cumulative total net inflow of about $2.47 billion and total net assets worth around $12.25 billion.
On Wednesday, the US spot Ether ETF issuers registered a net cash inflow of about $59 million led by Fidelity’s FETH with a net inflow of around $29.3 million and BlackRock’s ETHA with a net cash inflow of around $19.85 million.
The Ethereum network has received significant regulatory clarity in more jurisdictions than any other altcoin, as core developers continue to build relentlessly.
In the United States, the demand for Ether has continued to rise with the upcoming POTUS Donald Trump’s World Liberty Financials (WLFI) holding a significant amount of its assets in Ether.
