The dominant altcoin, Ethereum (ETH), has experienced a remarkable 20% surge in value this month, indicating a strong bullish reversal in the cryptocurrency market. The recent approval of the ETH ETF has contributed to increased price volatility for Ethereum-based tokens, reflecting a growing interest among investors in these alternative coins. On-chain data reveals a consistent decrease in Ethereum exchange reserves since mid-2020, suggesting a rise in cryptocurrency adoption and a surge in long-term investors. This reduction in supply could potentially pave the way for Ethereum to reach the $10,000 mark in the future. With the ETH price currently hovering around $3,908 and trading volume reaching $18.552 billion, it is poised to test its resistance level of $4,094.75. Maintaining this price above the resistance level will set the stage for Ethereum to retest its upper resistance level of $4,500 in the coming weeks.
Ethereum Fluctuates in Proximity to $4,000: What is the Upper Limit of ETH’s June Surge?
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