Is the price of ETH continuing to rise to the level of 3,500 dollars?

The price of Ethereum (ETH) is showing signs of bouncing back after a correction and losing some of the recent upward momentum on July 12th. The correction occurred after ETH recorded a strong breakout earlier in the week, even surpassing the $3,000 mark in a short-term.

Notably, this is the first time in 5 months that Ethereum has surpassed the important resistance level of 3,000 dollars – indicating that traders are becoming increasingly confident.

Although the price shows signs of cooling down, experts remain optimistic about the long-term prospects of ETH.

Meanwhile, the price of ETH is decreasing simultaneously with a general correction in the entire crypto market. Most of the coins in the top 10 recorded a drop yesterday, causing the total market capitalization to decrease by 0.74% to 3.66 billion dollars. However, at the time of writing, most of the coins on the trading list are in the green, indicating that the market is showing signs of bouncing back.

ETH price drops but analysts remain optimistic

Currently, the price of ETH is up over 1% on the day, reaching $2,971. The bulls appear to still be in control, as evidenced by the maintenance of the short-term support level at $2,900.

Notably, in the past 24 hours, the price of ETH reached a high of $3,016 and a low of $2,941. Despite recent corrections, this coin has still increased by over 16% on the weekly chart and over 15% in the past 30 days.

Meanwhile, data from the derivatives market also reflects the gloomy sentiment that continues to envelop the ETH market. According to data from CoinGlass, the open interest (OI) of ETH futures contracts has decreased by more than 4% to $41.17 billion.

However, despite the fact that the price of ETH is currently adjusting below the $3,000 mark, analysts still expect a bounce back in the near future. In addition, many industry experts also suggest that this top altcoin could soon surpass the $3,500 threshold and even continue towards the $4,000 mark.

Is it possible to reach 3,500 dollars**?**

Many market experts have offered an optimistic view on the price trend of ETH in the near future. According to the renowned analyst Rekt Capital, ETH is currently filling the CME gap on the monthly chart, located in the range from $2,900 to $3,350.

This development is seen as an important step towards the possibility of a price trend reversal in the near future.

ETH price chart | Source: Rekt CapitalMeanwhile, expert Michael van de Poppe stated that if ETH holds the support level of 2,800 dollars, the price could bounce back to 3,500 dollars.

In other words, Van de Poppe believes that Ethereum has the potential to reach the $3,500 mark in the near future, as long as the price maintains the current short-term support level.

ETH Price Chart | Source: Michael van de PoppeAt the same time, analyst Ali Martinez also expressed a similarly optimistic view. According to Martinez, ETH is preparing for a breakout, with a high likelihood of rising to the $4,000 mark if the upward momentum continues to be reinforced.

"This could be the last opportunity for you to catch the breakout of ETH," Martinez commented.

He also emphasized that the $2,776 level is a key support zone for this leading altcoin.

Meanwhile, positive predictions about ETH prices are further reinforced by strong interest from institutional investors.

Cash flow through Ethereum ETFs shows that institutional demand is still very strong

The Ethereum spot ETF in the US continues to attract significant capital inflows in recent weeks, indicating that institutions are heavily betting on this altcoin – reflecting their high level of confidence.

According to data from Farside Investors, the Ethereum ETF in the US recorded an inflow of 204.9 million dollars on July 11. The total inflow for the week ( from July 7 to 11 ) reached 908 million dollars, with no outflows during this period.

In addition, Ethereum ETFs have recorded a continuous inflow of funds over the last 6 days. The surge in interest from institutions is expected to support the price increase of ETH in the near term, and may even push the price around the $3,500 mark.

If the bulls continue to control the market, the uptrend could last even longer. Based on Ali Martinez's predictions, the price of ETH has a strong chance of re-establishing the $4,000 mark in the coming days.

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