Bullish Signs For Ethereum: Metrics Pointing To Upcoming Breakout
Ethereum (ETH) price fell over 7% on Thursday, nearing $2,400. Expert analysis indicates a potential bullish trend due to positive on-chain metrics and market behaviors. Ethereum has outperformed Bitcoin (BTC) in Q2, bolstered by the recent Pectra upgrade that enhanced scalability and reduced inflation. Exchange balances are at seven-year lows, with significant inflows into Ethereum ETFs, suggesting larger investors are accumulating ETH. However, betting markets assign only a 27% chance for Ethereum to reach a new all-time high by 2025. The broader cryptocurrency market capitalization dropped from $3.30 trillion to approximately $3.12 trillion, with Bitcoin, XRP, and Solana also experiencing losses. Political tensions between Donald Trump and Elon Musk have contributed to market volatility, impacting Ethereum's price. The $2,390 mark is identified as critical support for Ethereum, which is currently trading at $2,406 and remains 50% below its all-time high of $4,878.
