$4,000 This Week Likely After 25% Weekly Gain

Ethereum price has extended its upside, registering gains for the ninth consecutive day and trading at $3,842 and up by 2.2% at the time of writing. The day also saw the coin hit year-to-ate highs of $3,876, underlining the bullish hold of the momentum. However, its RSI is at 88, denoting overbought conditions, which could limit gains in the coming days.

ETH has outperformed market leader Bitcoin in the last week, gaining 26% against BTC’s 1.75% decline during that period. Furthermore, among the top ten largest crypto coins, Ethereum price has only been outperformed by Dogecoin’s 37% rise in that time. Altcoins have certainly stolen the thunder from Bitcoin, with substantial gains by XRP, Cardano and Solana, both of which have registered strong double digit growth above 20%.

Alongside the price rise, Ethereum’s trading volume rose by 36% in the last 24 hours, pointing to strong bullish appetite and adding credence to the likely continuation of the upside. Underlying this upsurge is a strong support from spot ETF market. The nine US traded Ethereum spot ETFs brought in $2.12 billion worth of inflows last week-its best week on record. That points to a strong institutional confidence in the coin’s growth potential, and that sentiment has permeated into the retail market.

The next key milestone for Ethereum price is the $4,000 mark and a US-EU trade deal before the August 1 deadline could be the spark that triggers that move.

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Ethereum Price Prediction

The momentum on Ethereum price favours the buyers to stay in control if action is maintained above $3,786. The coin will likely meet initial resistance at $3,848. However, an extended control by the buyers will breach that barrier and could push ETHUSD higher to test $3,900.

Alternatively, breaking below $3,786 will shift the momentum to the downside. That will likely see the first support established at $3,722. The upside narrative will be invalid below that level. Meanwhile, the resulting momentum could push the action lower and test $3,670.