Analysts eye upside as Ethereum price tests key $2.8k levels

Numerai, a San Francisco-based hedge fund, has successfully raised $30 million in Series C funding. The company, which operates with a unique approach blending finance and technology, aims to redefine the hedge fund industry.

Crypto analyst Will Taylor from Cryptoinsightuk argues that discussions about an XRP bear market are premature. He maintains that XRP's higher-time-frame structure and liquidity profile remain bullish, despite recent volatility. Taylor emphasizes that XRP is trading above a multi-year resistance level, which now serves as support, and believes that as long as this support holds, the market is not in a confirmed long-term downtrend.

Dave Portnoy, founder of Barstool Sports, has made a significant return to the cryptocurrency market with a $1 million investment in XRP. This move comes amid a challenging period for XRP, which has seen a nearly 15% decline in value recently. Portnoy's purchase, alongside investments in Bitcoin and Ethereum, has sparked curiosity about his market insights and the potential for XRP's recovery.

Ethereum is currently at a crucial on-chain support level, which has historically indicated significant market reversals. Recently, the price of ETH dropped to $2,870 but quickly rebounded following Nvidia's earnings report, suggesting a potential recovery. The behavior around this support level is critical for confirming the long-term trend of Ethereum's price.

WLFI price is forming a bullish Three Drives pattern at the $0.12 support zone, with rising volume signaling a potential reversal toward higher resistance levels.

Solana's price has returned to the critical $131 support zone, a level that previously triggered a significant rally. This shift in momentum suggests a potential for a short-term recovery in the cryptocurrency market.

The Fusaka Upgrade represents a significant strategic shift for Ethereum, aligning its protocol development with economic objectives and enhancing the value proposition for ether. This upgrade is expected to strengthen the overall ecosystem and attract more institutional interest.

Ethereum has surpassed Bitcoin in a key metric despite the ongoing bearish market conditions. This development indicates Ethereum's growing strength and potential dominance in the cryptocurrency space, as highlighted by market expert Leon Waidmann.