Ethereum Soars Past $3,770: NFT Revival Sparks 50% Monthly Rally
Ethereum Price Surges to $3,770 Amid NFT Market Revival
Overview of Recent Price Movements
Ethereum’s value has climbed to $3,770, reflecting a notable 3% increase over the past day. This surge coincides with a significant rebound in the NFT market, which has seen trading volumes soar to six-month highs.
Key Highlights
- Ethereum’s price has risen by 3% in the last 24 hours, marking a 50% increase since July 6.
- The NFT sector is experiencing a robust recovery, with trading volumes reaching $75 million—a 300% rise from two weeks ago.
- Institutional interest is evident, highlighted by a whale purchasing 45 CryptoPunks NFTs, pushing their floor price to nearly $175,000.
- Technical indicators suggest Ethereum could target $4,000 if it maintains support at $3,730, backed by strong bullish momentum.
Ethereum’s Price Dynamics
Ethereum’s recent price increase to $3,770 represents a significant recovery, especially following a low of $2,525 on July 6. This growth underscores a strong correlation between network activity and price appreciation. The NFT market’s resurgence has played a crucial role, with trading volumes hitting $75 million, indicating renewed interest from both institutional and retail investors.
NFT Market Recovery
The NFT landscape has seen a remarkable revival, particularly on the Ethereum blockchain. In the past week, trading volumes surged to $75 million, a staggering increase from just $18.3 million two weeks prior. This uptick marks the highest level of NFT activity since mid-January, suggesting a renewed enthusiasm for digital collectibles.
Institutional Confidence Through Whale Activity
Recent market sentiment was bolstered by an anonymous whale’s acquisition of 45 CryptoPunks NFTs in a single transaction valued in the millions. This institutional-level activity has driven the floor price of CryptoPunks to approximately $175,000, signaling strong demand for premium NFT assets and reinforcing confidence in Ethereum’s ecosystem.
Technical Analysis and Future Projections
From a technical standpoint, Ethereum’s current momentum appears sustainable, supported by several bullish indicators. The cryptocurrency has successfully surpassed the daily resistance level at $3,730, which now serves as a critical support point for ongoing price increases.
The Relative Strength Index (RSI) currently sits at 86, significantly above the typical overbought threshold of 70, indicating strong bullish momentum. While high RSI levels may suggest potential short-term consolidation, the persistent buying pressure reflects robust underlying demand.
The MACD indicator continues to show a bullish crossover initiated in early July, with increasing green histogram bars above the neutral line, indicating that bullish momentum is strengthening.
Price Predictions: Targeting $4,000
If Ethereum maintains its upward trajectory and holds the $3,730 support level, technical analysis suggests it could reach the psychological milestone of $4,000. This represents an additional 6.4% increase from current levels and would mark Ethereum’s highest price since December 2024.
The convergence of technical momentum, heightened network activity through NFT trading, and whale accumulation creates a favorable environment for continued price growth. However, traders should remain vigilant for potential pullbacks, with the $3,000 level identified as a significant support point during any corrections.
Market analysts, including crypto trader Michaël van de Poppe, have described Ethereum’s ascent as “absolutely phenomenal.” They note that while ETH has returned to its December highs, many altcoins remain significantly below their previous peaks, suggesting substantial growth potential across the broader ecosystem.
Author Profile
Arslan Butt
Arslan Butt serves as the Lead Markets Analyst specializing in multi-asset analysis, including FX, commodities, and cryptocurrencies. With an MBA in Behavioral Finance and ongoing Ph.D. studies, he possesses a deep understanding of market dynamics. His professional experience includes a senior analyst role at a leading brokerage firm, complemented by extensive work as a market analyst and day trader. Arslan is also recognized for his educational contributions as an instructor and public speaker, with his insights featured in prominent financial publications.
