Join our Telegram channel to stay updated with the latest news coverage. Ethereum price has risen by nearly 5% in the past 24 hours and is trading at $3376 at 3:37 AM ET. Although the trading volume has dropped by 25% to $11 billion, this has not affected the price increase. At this time, Grayscale transferred 110,867 Ethereum worth more than $358 million to Coinbase Prime. Grayscale's ETHE ETF has seen a significant increase in outflows after the launch of the Ethereum ETF (Exchange Traded Fund) last week. Ethereum price is expected to launch a bull run at the $3525 resistance level.
According to data from GeckoTerminal.com, the price of Ethereum surged in July, using the $2,870 support level to push the coin to the $3,525 resistance zone. The price subsequently declined, forming a dome pattern, and the bears took control of the situation. However, the bears could not maintain the pressure, and the asset rebounded using the $3,108 support level, invalidating the bearish outlook of the dome pattern. Ethereum has now broken above the 50-day and 200-day simple moving averages, confirming the bullish outlook of the coin. Moreover, the relative strength index (RSI) rose, approaching the overbought zone of 70 and is currently at 62. This shows that buyers are currently in a buying frenzy, and if this trend continues, it may push Ethereum to the $3,525 resistance level.
Ethereum price analysis shows a bullish bias in the short term as Ethereum is rising above the simple moving average and the RSI shows active buying by bulls. If buying continues, bulls are currently eyeing the $3,800 resistance level. However, if bears take control of the price at this level, Ethereum could fall back to the major support at $3,108. Meanwhile, memecoin enthusiasts on the Ethereum blockchain are buying up the new Layer-2 coin Pepe Unchained (PEPU), which has amassed over $6.1 million in an explosive presale.
With presale exceeding $6.1 million, Pepe Unchained is the best meme coin to buy right now. Originally built on the Ethereum blockchain, Pepe has long been constrained by its layer 1 technology, which is characterized by network latency and rising gas fees. Investors are looking forward to Pepe Unchained because it offers them a chance to own a Pepe that is not subject to the slow transactions and high gas fees of the original Layer 1 token. Token holders can also passively earn annual rewards of 3,12% through the platform's staking system. 99Bitcoins, a well-known cryptocurrency YouTube channel, said that PEPU could surge 10 times after its launch. You can buy PEPU tokens at $0.0087344 each. The price will rise in less than 19 hours, so hurry up and buy to get the best deal. To join the presale, buy PEPU tokens on the official website using Ethereum, USDT or a bank card.
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