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Even though Ethereum (ETH) recently dipped below the crucial $3,000 mark due to broader market pressures, fueled by growing regulatory friction between the U.S. and China, there’s still a wave of optimism surrounding this leading altcoin.
At the moment, Ethereum has clawed back almost 10%, hovering around $2,800. This recovery helps it maintain its position above vital support levels, which might just clear the road for Ethereum to aim for new all-time highs in this bullish phase.
Pivotal $2,700 Mark: A Crucial Point for Ethereum’s Bullish Momentum
Throughout this market cycle, Ethereum has had its share of struggles compared to some of its contemporaries. With a year-to-date increase of a modest 21%, it trails significantly behind other cryptocurrencies such as Solana (SOL) and XRP, which have seen staggering gains of 120% and 420%, respectively.
However, crypto analyst Ali Martinez has highlighted the importance of Ethereum holding on to the $2,750 support level to lay the groundwork for a potential rally toward $6,760.
In a different analysis, Martinez observed that if Ethereum were to construct a head-and-shoulders pattern, a well-known technical chart setup, it must stay above $2,700 to maintain its bullish stance, with the pattern targeting a rise to $7,000.
This suggests that the $2,700 level is critical for Ethereum to potentially reach a new peak, hinting at a possible 150% upswing if these projections come to fruition.
Additionally, an analyst known as Morecryptoonl warned about the lack of substantial market structure currently. He noted that if Ethereum surpasses the recent local low of $2,909, it would indicate a more stable pricing environment. He also stressed the necessity of holding support over $2,236 for a stronger recovery.
Trump Family Backs Ethereum
Fueling this optimism, the Trump family has expressed significant backing for Ethereum. Recently, World Liberty Financial (WLFI) acquired an extra 1,826 ETH, translating to about $5 million.
Lookonchain data reveals that with a cumulative investment of 61,114 ETH at $205 million, averaging at a price of $3,354, WLFI is facing a loss of roughly $31 million on this position.
Furthermore, Trump’s crypto venture transferred notable volumes of various cryptocurrencies, including 86,296 ETH ($235 million) and 647 WBTC ($65.5 million), to Coinbase Prime, indicating a strategic approach in the crypto landscape.
Adding a positive note for Ethereum, recent ETF trends showcase a sharp contrast: while approximately 2,400 BTC were sold on February 3, ETH exchange-traded funds (ETFs) experienced net inflows of $83.6 million.
This is a stark difference from the $234.4 million in net outflows seen in Bitcoin ETFs, highlighting a growing trust among institutional investors in Ethereum’s future despite its recent price adjustments.
Ethereum, trading at $2,819, has slipped down by 21% over the past month, creating a 42% gap from its all-time high of $4,878 reached in the 2021 bull run.
The featured image is from DALL-E, and the chart is courtesy of TradingView.com.
