Experts name key factors for Ethereum growth

Cryptocurrency market analysts believe that the price of Ethereum ETH $3,354.54 Bridged Ether (StarkGate) 1.86% Market capitalization $0.31 billion VOL. 24 hours $1.76 billion may reach a record high if the cryptocurrency market continues to grow. Current technical indicators are showing signs of stabilization after slight fluctuations last week. At the time of writing, the price of Ethereum remained above the key support at $ 3,393, indicating the potential for further growth of the leading altcoin.

The main obstacle to a rapid rise is the resistance level at $ 3,250. If Ethereum continues to overcome this barrier, it will open the way to testing above $ 4,000. The RSI indicator shows a tendency to leave the neutral zone, which may also indicate the possibility of a resumption of the bullish trend.

However, experts warn that if Ethereum loses support at $ 3,100, it could lead to a correction to $ 3,000 or even lower. In such circumstances, further movement will depend on the general market sentiment and investors' reaction to macroeconomic factors.

Market conditions, in particular the potential strengthening of Bitcoin BTC $105,063.61 Bitcoin 0.12% Market capitalization $2.08 trillion VOL. 24 hours $3.11 billion and the general increase in interest in altcoins, could be a positive catalyst for Ethereum. Investors are advised to closely monitor the behavior of key levels, as they will determine the future direction of the price.