As the whimsical world of cryptocurrency continues to dance to the tune of fate, Ethereum, that most mercurial of digital darlings, has begun the week with a spirited step. Having briefly crossed the $2,600 threshold earlier on Monday, it now pirouettes around $2,585, a 2.8% increase in the past 24 hours.
Like a debutante at her first ball, Ethereum’s 24-hour trading volume has surged by a dazzling 70% to $15.14 billion, as the market’s interest in this belle of the ball is rekindled.
This effervescent rise is set against the backdrop of ecosystem optimism, as Ethereum’s co-founder, the inimitable Vitalik Buterin, announced a new proposal, EIP-7983, during the Ethereum Community Conference. This proposal, a protocol-level gas cap on individual transactions, aims to bolster Ethereum’s long-term stability, security, and compatibility with emerging technologies.
Vitalik, ever the voice of reason, opined that Ethereum and the crypto space require “practical, user-centered safeguards” as they waltz toward mass adoption. A protocol-level gas cap would shield users from the slings and arrows of outrageous transaction fees, ensuring Ethereum remains an accessible and decentralized haven.
Whale Movements: A Symphony of Confidence
On-chain data from The Data Nerd reveals that whale address 0x1fc withdrew 1,900 ETH, a sum of approximately $4.86 million, from Binance to stake. This grand gesture suggests a notable accumulation trend, as whales prepare for a bullish leg.
2 hours ago, a whale 0x1fc withdrew 1,900 $ETH (~$4.86M) from #Binance and staked them all
Just now, he hodls totally 6,989 $ETH at avg entry ~$2,507.
Address:
— The Data Nerd (@OnchainDataNerd) July 7, 2025
The whale’s current holdings of 6,989 ETH at an average entry of around $2,507 are a testament to their unwavering confidence in Ethereum’s prospects.
Ether price, that most enigmatic of creatures, has been following a Wyckoff accumulation pattern since early June, with a local top near $2,900 and a capitulation below $2,100.
Cas Abbe, a popular crypto analyst, noted that if ETH manages a daily close above $2,800, it could reach the dizzying heights of $3,500 within weeks.
$ETH is perfectly following its Wyckoff accumulation pattern.
A local top at $2.9K happened exactly along with a capitulation below $2,100.
Now, ETH is moving up again and the short-term target is $2,800.
If ETH manages a daily close above $2.8K, $3.5K ETH will happen within a…
— Cas Abbé (@cas_abbe) July 6, 2025
ETH Price: A Delicate Dance
On the daily ETH price chart, the RSI is suggesting neutral-to-bullish momentum, with room to move before hitting overbought levels.
ETH price chart with RSI and Bollinger Bands | Source: Trading View
Bollinger Bands are tightening near $2,580, hinting at an impending breakout. The upper band around $2,645 acts as a resistance, with a near-term target of $2,900–$3,000. However, traders should eye the lower band, with $2,300 support acting as a strong buy zone 🤑.
Meanwhile, the MACD shows a fresh bullish crossover, with the MACD line moving above the signal line. Though flat, the green histograms suggest growing market growth 📈.
ETH price chart with MACD | Source: Trading View
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2025-07-07 16:57