Ethereum (ETH) has reignited optimism amongst market participants after smashing through the $3,000 price mark for the first time in 4 months. The new development signals renewed interest in the asset and highlights the potential for continuous price evolution.
ETH bulls surpass $3,000, near-term bullish outlook heightens
With massive gains sustained from the previous week, Ethereum bulls kicked off the new week on a positive note. The leading altcoin initially traded at $3,038 on July 11, but failed to sustain momentum before the close of the day.
A similar pattern was witnessed on June 13, as ETH traded at an opening price of $3,016 before taking a mild dip. On July 14, ETH bulls sustained prices above the $3,000 price mark, with an intraday high of $3,079, and a closing price of $3,013.
Notably, Ether has been trading below $3,000 since February 2, thus making the new development a remarkable milestone. Rising interest in Ethereum ETFs, amongst other macroeconomic factors, can be credited for the asset’s recent rally. However, the long-term outlook remains unclear as market players appear to be moving with caution.
At report time, Ether is trading at $3,430, with a 24-hour gain of 2.73%. Despite taking a hit and retreating to previous support levels, Ether’s current metrics remain attractive at this time.
Ether bulls have remarkably secured 90% worth of gains over the last 90 days, making it the highest gainer within the top 10 category. In the previous 30 days, Ether has generated gains of over 17%, positioning it as the second-highest gain, behind Ripple’s XRP.
With multiple bullish metrics validating increased demand for the asset, it remains to be seen where Ether is heading in the near term.
