Ether eyes $3,400 as bullish sentiment returns

Key takeaways

Ether is up 6% within the final 24 hours and now trades above $3,100.
It’s the finest performer among the many high 10 cryptocurrencies, outperforming BTC, XRP, and Dogecoin.

Ether tops $3,100 as market turns bullish

The cryptocurrency market has returned to its bullish sentiment following yesterday’s dip. Bitcoin, the main cryptocurrency by market cap, dipped under $116k on Tuesday after hovering to a brand new all-time excessive on Monday.

BTC has now returned above $119k after including 2% to its worth within the final 24 hours. Nevertheless, Ether is the perfect performer among the many high 10 cryptocurrencies by market cap because it now seems to hit the $3,200 mark for the primary time since February 2025. 

Ether’s rally comes as Nasdaq-listed SharpLink Gaming (SBET) flipped the Ethereum Basis to turn into the most important company holder of ETH after buying 74,656 ETH for $213 million final week. 

In accordance with its latest press launch, the corporate earned 94 ETH from staking final week. Its latest acquisition now brings the corporate’s holdings to 280,706 ETH. SharpLink made this latest acquisition after elevating $413 million from the sale of 24.5 million shares of its widespread inventory via its At-The-Market (ATM) facility final week. The corporate nonetheless has a steadiness of $257 million from proceeds that haven’t but been allotted to ETH purchases.

ETH eyes $3,437 resistance degree

The ETH/USD 4-hour chart is bullish however inefficient, suggesting that Ether might doubtless sweep liquidity to the draw back earlier than rallying increased. The technical indicators are bullish, suggesting an prolonged interval of rally for the cryptocurrency.

Ether might doubtless drop to $3,080 to achieve effectivity earlier than rallying to the primary main resistance degree at $3,437. Within the occasion of an prolonged rally, Ether might hit the $3,519 degree for the primary time since January 19.

Nevertheless, the bears might nonetheless regain management if the bulls fail to push ETH increased. If that occurs, ETH might doubtless take a look at the TLQ at $2,946 within the coming hours. Nevertheless, the market will must be extraordinarily bearish for Ether to check final week’s low of $2,805.

The RSI of 70 and the MACD strains within the optimistic zone each counsel a bullish bias for Ether.