Ethereum Tested This Level Seven Times! Will ETH Start Its Rally Now?

Spot Ethereum ETFRemaining strong despite the upsurges experienced in Ethereum may be preparing for an uptrend.

Deribit Insights According to the report Ethereum It continues to hold onto the $2,860 support level, which has been tested multiple times since July 5, suggesting that a rally is imminent.

Deribit analysts stated that they expect institutional interest and investment to increase with the approval of ETH ETFs, and said that this interest and strong support could potentially take ETH to $4,500.

“Ethereum currently appears to be in a sideways trend on the daily chart.

Ethereum has a key support level formed around $2,860, which has been tested seven times. This repeated test indicates strong demand, with buyers consistently entering the market at this level to prevent further price declines.

This key support level also helped ETH rally to $4,080 earlier, which could restart another rally in ETH.

Broader crypto market sentiment remains bullish, particularly with the recent approval of Ethereum ETFs. This development is likely to increase institutional interest and investment in ETH, potentially pushing its price higher.

Considering the strong support at $2,860, the recent approval of ETH ETFs, and the positive sentiment in the cryptocurrency market, Ethereum’s future outlook looks promising.”

*This is not investment advice.