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**Ethereum (ETH) Price Analysis for July 16**
In the midst of a remarkable rally, Ethereum’s price has been making waves in the crypto market, soaring by 6.26% over the past day according to CoinMarketCap data. In this analysis, we’ll delve into the latest developments and explore the potential trajectory of ETH’s price moving forward.
As it stands, Ethereum is trading at $3,169 at press time, marking a notable resurgence from its recent correction. This upward momentum, fueled by market sentiment, has pushed the asset past critical resistance levels. If this trend persists, there may be an increased likelihood of witnessing a test of the $3,400-$3,500 area before the end of the month.
On a longer time frame, no reversal signals have been observed. In fact, if the daily candle closes near its peak, there is a significant possibility that we’ll see an ongoing upward move to reach the $3,300 mark by the end of the week.
In conclusion, while it’s essential to acknowledge the risks associated with any investment decision, this latest ETH price analysis suggests a bullish outlook for Ethereum.
Source: u.today
