Ethereum’s ETH, +3.06% price has jumped to $3,770, a 3% increase over the past 24 hours. The community behind the cryptocurrency has been celebrating a strong rally since July 6, where the crypto has increased by 50%. This remarkable rise has been buoyed by an impressive rebound in the NFT market, with daily trading volumes hitting $75 million.
Ethereum has successfully flipped the daily resistance at $3,730 into support. This freefalling floor has recently provided critical ballast for Ethereum’s ongoing surge to new altcoin-market highs. If Ethereum manages to uphold the $3,730 price mark as support, it may push upwards towards the $4,000 resistance zone. That would get over a very important psychological hurdle.
The recent price increase does directly align with a dramatic revival of the NFT boom in 2023. Trading volumes are currently up 300% from two weeks ago, a sign that new interest and excitement is flooding back into digital collectibles. More than 5,400 unique Ethereum wallet addresses are participating in this NFT-driven surge.
Ethereum's technical indicators suggest strong upward momentum. The Relative Strength Index (RSI) on Ethereum’s daily chart is at 86. This is a nearly unprecedented level as the overbought threshold is typically 70. This means that the asset might need a pullback, while at the same time, still highlighting strong accumulation pressure.
Such a 6.4% improvement from Ethereum’s current price levels would drive ETH to its highest price point since late December 2024. The $4,000 level marks an important technical barrier for investors and traders alike. Reaching this milestone would be a positive and bullish indicator of Ethereum’s continued momentum.
In fact, whale activity has been heavily influential in the NFT market revival. In fact, one famous whale walked in and bought 45 CryptoPunks NFTs, taking their floor price up to almost $175,000. These large-scale acquisitions typically have a stampede effect, drawing in additional investors and lifting confidence levels throughout the market.
The revival of the NFT market has been driven by a few key elements. Things like greater institutional appetite and creation of new financial products linked to NFTs. For one, there’s been a recent filing for a PENGU token ETF. The new ETF will invest exclusively in assets belonging to the Pudgy Penguins collection, which uses Ethereum’s blockchain technology. This action may create thrilling new non-fungible investment prospects.
This uptick in trading volume and active wallet addresses is a sign of a broad-based recovery, not just a concentrated surge. That points to a healthier, more sustainable undercurrent of the NFT market’s expansion. This confluence of technical breakthroughs, market activity and institutional innovation creates a recipe replete with promise for Ethereum’s near-term trajectory.
