Ethereum price showed a strong performance on Friday, rising by 3.7% to trade at $3,429 by the afternoon. The world’s second-largest cryptocurrency had a good day in the retail market, gaining 3.7% and trading at $3,429 at the last check. Notably, market leader Bitcoin stayed above $100k for the third day in a row.
In the spot ETF market, Ethereum also performed well. Spot Ethereum ETF inflows were at $166.6 million on Thursday, with the top three being BlackRock, Fidelity and Grayscale Mini.
Moreover, Ethereum performed strongly in the DeFi market. According to DeFiLlama, the DeFi TVL (Total Value Locked) on the Ethereum chain increased by $1.5 billion to $68 billion within 24 hours. This indicates increased utility for ETH coins, and a continuation of the trend could drive the price up.
Lastly, the selling pressure on Ethereum is low, with 15% of the token’s holders in “Out of the Money” positions. In contrast, the vast majority of holders (78%) are “In the Money” and will likely hold on for further gains in the coming days.
Ethereum sentiment struggles
The downside to Ethereum's price momentum is that it has been largely sluggish since the Trump-fueled crypto rally began in November 2024. In particular, the coin has struggled to stay above $4,000, only touching that level for a total of five days. This has created a weak sentiment that could limit its upside in the near term.
Ethereum price prediction
The pivot mark for Ethereum price is around $3,405, and the momentum indicator favors the upside. Immediate resistance is likely to be at $3,450, but a continuation of the momentum will clear that barrier and potentially test $3,500.
On the downside, ETH price will favor the sellers if it breaks below $3,405. If that happens, it will likely find the first support at $3,360. However, an extended sell-off could break below that level and invalidate the bullish narrative. In that case, the momentum could send ETH lower to test $3,330.
