Ethereum

Arkham

<ul>
 <li>Leading altcoin Ethereum, surpassed the $3.5K level in the last 24 hours.&nbsp;</li>
 <li>The token recorded a 42.11% increase in daily trading volume according to CMC data.</li>
</ul>
The overall crypto market, in the last 24 hours, recorded minor declines in market cap. Meanwhile, the overall trading volume increased by 21.96%. Leading cryptocurrency, Bitcoin with a modest daily decline slid back to the $66K level. On the other hand, the largest altcoin Ethereum, began showing price increases fueled by the launch of the altcoin’s spot ETH drawing closer.&nbsp;
In the last few months, Ethereum prices have shown crucial upward and downward movements. While analysts expected the token to surpass the $4K level during the previous bullish rallies in March and May, the token failed community expectations.&nbsp;
Moreover, with the recent market crash, ETH slid to the $2K level. Since then the token is advancing to regain its previous price levels at the $3K range. Market analysts are anticipating a bullish price breakout for Ethereum as the <a href="https://thenewscrypto.com/multiple-spot-ethereum-etfs-approved-by-nyse-arca-awaits-sec-nod/" target="_blank" rel="noopener noreferrer nofollow">spot ETH ETFs</a> begin trading.&nbsp;
Additionally, over the past week, as per Arkham Intelligence <a href="https://x.com/ArkhamIntel/status/1814651726231724363" target="_blank" rel="noopener noreferrer nofollow">data</a>, leading spot ETH ETF issuers showed buying movements. VanEck, Blackrock, Fidelity, and Ark Invest were reported by the blockchain intel to have bought Ethereum tokens. Recently, in the past day, <a href="https://thenewscrypto.com/grayscales-massive-1b-eth-move-stirs-speculation-amid-spot-etf-launch/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a> was observed moving its ETH holdings to fund its two spot ETH ETFs. The issuers’ movements have been closely watched by the market analysts.&nbsp;
<h3 class="wp-block-heading" id="h-ethereum-24h-price-analysis">Ethereum 24H Price Analysis</h3>
In the past day, Ethereum showed increased volatility. It showed resistance to break the $3.5K margin and slid down to $3,400s in several instances. However, during midday, the token began exhibiting bullish candles and surpassed $3.5K. At the time of writing, Ethereum was trading at $3,518 according to CMC data.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcie8rLvg_zyeVmmaywI1XY8dKDYLFx2RhK8kc2YIsUmjTl90VHcpUjgnvJoirxNEpOjoORhJyfF4g3KD0EsDi3gju13nisizMzGw8hwoxLW_zljFhgWOajRrevolcM0RO3-Z5nBIz1aHOQE1vMRI1frME?key=svvyHxX6DJM3nMU-KAXijA" alt="">
 <figcaption class="wp-element-caption">ETH/USDT Daily Price Chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Moreover, the altcoin’s recent bullish turn is further highlighted by the short-term 9-day MA standing above the long-term 21-day MA. Additionally, amid issuers’ accumulation of tokens, the market also leans towards a buying sentiment. This is indicated by the RSI standing at 58.88 as per TradingView <a href="https://in.tradingview.com/symbols/ETHUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">reports</a>.&nbsp;
Furthermore, as aforementioned, Ethereum is expected to show bullish movements in the coming months, pricing in the ETH ETF launch. TheNewsCrypto analysts have predicted that ETH might hit the $5K level in the occurrence of a bullish run.&nbsp;
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