Ether's Strong Weekly Close: $4,475 Sets Stage for Further Gains
Ether Achieves Highest Weekly Close Since 2021
Ether (ETH) has reached a new milestone, closing the week at $4,475. This marks the highest weekly close since November 2021, signaling strong bullish momentum in the market.
Key Drivers Behind Ether's Surge
Several factors have contributed to Ether's recent price surge:
- ETF Inflows: Spot Ethereum ETFs have seen significant inflows, including a record $1.02 billion on August 11.
- BlackRock's Dominance: BlackRock’s ETHA holds over $12.6 billion, representing more than half of all ETH ETF holdings.
- Institutional Appetite: ETH investment products saw inflows totaling $2.9 billion last week, indicating strong institutional interest.
- Network Activity: Ethereum's network activity is booming, with transaction volume hitting a record 1.74 million daily transactions on August 5.
Analyzing Key Price Levels
As ETH trades around $4,300, analysts are closely watching these levels:
Support Zone: $4,000 - $4,150
The immediate support zone lies between $4,000 and $4,150, a range that previously acted as resistance in 2021. This level aligns with the 20-day exponential moving average (EMA) at $4,140.
Potential Scenarios
According to analyst Demi-Defi:
- Bullish Scenario: A weekly close above $4,550 could trigger a breakout to new all-time highs, with targets between $5,000 and $5,800.
- Bearish Scenario: A weekly close below $4,150 could lead to a deeper drop towards the $3,650–$3,750 region.
Understanding these price levels is crucial for traders and investors navigating the current market conditions. For projects building on Ethereum, ensuring robust security is paramount. Codeum offers comprehensive smart contract auditing and security solutions to safeguard your blockchain assets.