Ether breaks the $1.9K resistance: Is $2.1K the next target for ETH bulls?
Ether (ETH) surpassed $1,950 for the first time in seven weeks, gaining 29% from its June low and triggering $62 million in liquidations. This rise mirrored a broader market recovery. However, weak on-chain activity presents a cautionary signal; Ethereum's decentralized applications' weekly revenue hit its lowest since September 2024, and DEX volumes remain muted at $7.2 billion weekly. Despite this, a record 34% of ETH supply is now staked, reducing potential sell pressure. Analysts note that for ETH to reach $2,100, it likely requires stronger external catalysts, such as positive corporate earnings (e.g., from Alphabet) to bolster overall market confidence and overcome the current trader skepticism from the prolonged bear market.
cointelegraph3 min fa