This is the Key Ether (ETH) Support to Watch as Price Pushes for $3,500

Ether (ETH), the second-leading crypto asset by market capitalization ranking, may finally be on its way to attaining a trading price of $3,500. Here’s why:

The renounced technical analyst Ali Martinez shared an IntoTheBlock insight showing that ETH holds a key support level of around $3,000. According to the analyst, this “could pave the way for ETH to rebound toward higher highs.”

#Ethereum has established a solid demand zone around $3,000, where 2.82 million addresses accumulated over 6.14 million $ETH. This key support level could pave the way for #ETH to rebound toward higher highs. pic.twitter.com/vUZVtOmKWN

— Ali (@ali_charts) November 18, 2024

ETH Sees Strong Support Around $3K

The IntoTheBlock data showed that 2.82 million addresses bought over 6.14 million ETH (worth $18.42 billion). If demand for the second-leading crypto asset keeps up at this rate for a little longer than now, it would have difficulty dropping below the $3,000 price mark. Instead, such adoption would translate to potential price gains soon.

Last week, the global crypto market soared to a valuation well above $3.2 trillion, thanks to the euphoria of the recently concluded United States presidential election, which saw Republican Donald Trump emerge as the winner. While other crypto assets saw significant price gains, ETH struggled to reach $3,400. Its price peak within the past week was $3,320, a poor record compared with most digital assets in the list of top 10 cryptocurrencies.

At the time of writing, ETH sold for $3,110, representing a 0.66% decrease within the past 24 hours and a 2.65% drop within the past week.

Will ETH Break $3,500?

There is yet to be a significant factor that could push ETH’s price to $3,500. Still, some factors would play a role in taking its value to higher levels. One is the aforementioned acquisition from retail and institutional investors.

On the bright side, the spot Ethereum exchange-traded fund (ETF) market in the United States saw its highest net inflow during Friday’s trading. A recent CoinTab report shows that the ETH-backed fund attracted $515 million in weekly flow. Several market analysts are optimistic that ETH will eventually experience meteoric growth next year.