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The Ethereum (ETH) price experienced a significant decrease on Thursday, fell more than 7% and approached the $ 2,400. However, the expert analysis suggests that a new bullish trend can soon arise for the second largest cryptocurrency.
Most important statistics indicate accumulation by larger investors
Market analyst Lark Davis went to Social Media Platform X (formerly Twitter) to share insights about the potential of Ethereum. He noted That different statistics and market behavior on the chains indicate an imminent outbreak for the ETH prize.
It is remarkable that Ethereum performed better in the second quarter of the year than Bitcoin (BTC), suggesting that the growing trust of investors. The recent Pectra upgrade has improved the scalability of Ethereum and reduced inflation, making it more attractive for investors.
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Moreover, the expert emphasizes that with exchange balance that seven -year -old lows and substantial inflow into Ethereum Trade-treated funds (ETFS), It seems that larger investors collect ETH for the long term.
Despite these bullish indicators, Davis warned that not all market participants share these optimistic prospects. Betwork markets on Polymarket currently only allow a 27% chance that Ethereum will reach a new of all time by 2025.
Critical support for Ethereum in the midst of political disputes
The wider cryptocurrency market also faced challenges on Thursday, with total market capitalization DALL from $ 3.30 trillion to around $ 3.12 trillion. Bitcoin, XRP and Solana (SOL) were among the remarkable cryptocurrencies that experienced losses, by 3%, 5%and 6%respectively.
In a separate but related development, the tensions between US President Donald Trump and his former adviser Elon Musk have surfaced, which contribute to the volatility of the day market.
Trump expressed Disappointment about Musk’s criticism of an important tax and expenditure account of his administration, which suggests that their “great relationship” may be approaching the end. Musk took revenge by accusing Trump of oporability and claimed that his support played an important role in Trump’s election victory.
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This public dispute has drawn attention to the intersection of American politics and cryptocurrency, a dynamic that market analyst Income sharks noticed in a recent message about the social media site of Elon Musk, X.
The analyst noted About the rapid impact of political conflicts on crypto markets, and emphasizes that the Ethereum price has not yet lost any critical support levels.
In his analysis, income sharks identified the $ 2,390 as a crucial support point for the Altcoin in the immediate term, which could determine the following upward goals of $ 3,000 and $ 4,000.
While acting at $ 2,406 while writing, Ethereum is high under its all time reached during the last bullish cycle of the market in 2021. facts.
Featured image of Dall-E, graph of TradingView.com