Ethereum (ETH) Price Set To Hit $3500: Analyst Maps Buy Levels

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Ethereum (ETH), the premier smart contract network, boasts over $28 billion in decentralized financial (DeFi) ecosystems. Recently, there has been a noticeable surge in open interest, coinciding with the ongoing altcoin renaissance. The network, valued at $265 billion, benefits from institutions and retail traders’ widespread adoption of web3 products. As a result, Ether’s price has followed an upward trajectory over the past 12 months despite significant regulatory scrutiny in the United States and other jurisdictions.

Ethereum is a globally recognized digital asset characterized by deep liquidity and a high daily trading volume. As the largest altcoin, it has increasingly distanced itself from the volatile speculation associated with smaller-cap altcoins. Furthermore, Ethereum plays a crucial role in providing liquidity to most DeFi-based tokens, imparting much-needed stability to the industry.

According to market intelligence from Santiment, the total supply of Ether currently on exchanges is about 8.07 percent of the circulating supply, marking the lowest level since the network’s inception.

At the time of this report, approximately 28.4 million Ether have been staked to bolster the Ethereum ecosystem. In addition, roughly 3.8 million Ether have been burned, contributing to the network’s transition to a deflationary asset.

Per the analysis of a renowned crypto analyst, Ali Charts, Ethereum’s price is on the brink of a significant upswing, potentially reaching $3,500 in the upcoming months. This projection is based on the observation that Ether’s weekly price is nearing the completion of a retest of the macro ascending triangle breakout.