Even though Bitcoin’s price recently dropped, Ethereum (ETH) is still holding steady above $2,600. Many believe this could be a sign that Ethereum is getting ready to rise, possibly kicking off a new altcoin season.
📊 Ethereum Price Update
Ethereum is currently trading around $2,625, after a small dip of about 1.88% on Thursday.
Key levels to watch:
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Ethereum is staying near the $2,699 mark, which is a strong resistance based on the Fibonacci retracement tool.
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The next big target is $3,000, a psychological level and also the 61.8% Fibonacci resistance.
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On the downside, strong support is around $2,395, which is the 38.2% Fibonacci level.
The Supertrend indicator still shows an uptrend, and the RSI (Relative Strength Index) is close to the overbought zone, which means buyers are strong.
🏦 Big Investors Are Buying Ethereum
On May 29, Ethereum ETFs (exchange-traded funds) received $91.93 million in inflows — the 9th day in a row with money flowing in.
Top contributors:
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BlackRock: $50.45 million
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Fidelity: $38.31 million
This shows that big institutions believe in Ethereum’s future.
📈 Expert Prediction: ETH to $3,000 Soon?
Popular trader Income Sharks said on Twitter that Ethereum looks very strong. They expected a small pullback after ETH broke the key $2,400 level and now believe the price can reach $3,000 soon — and possibly $4,000 later during the bull market.
📉 What’s Happening in the Derivatives Market?
Some short-term traders are nervous, causing bearish moves in the derivatives market:
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Open interest (active trades) dropped by 4.83%, now at $35.59 billion.
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Many traders betting on price increases got liquidated:
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Long liquidations: $94.23 million
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Short liquidations: $17.08 million
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Even with these sell-offs, the funding rate is still high (0.0083%), showing that many traders are still bullish.
✅ Summary
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Ethereum is staying strong above $2,600, while Bitcoin struggles.
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It may soon break above $3,000, if the trend continues.
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Big investors are adding more ETH through ETFs.
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The market is a bit shaky short term, but the overall mood is still positive.
Disclaimer: This article is only for
information and not financial advice. The opinions shared here may be the
writer’s personal views. Please do your own research before making any
investment choices. We are not responsible for any money you may lose.
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