5 Things to Know as Ethereum Price Rockets 35% Monthly

Traders were also watching for profit-taking, especially after such a sharp rally had been recorded lately.

If prices dipped below $2,900, support is likely expected to be found in the $2,700 to $2,800 range.

A deeper drop could follow if the overall market turned negative or new regulations hit sentiment.

Binance Reserves Hit 5 Million ETH

Binance held close to 5 million ETH by the end of July, according to data from CryptoQuant.

This figure is up from 3.8 million earlier in the year, showing how much the exchange is making up for higher demand.

Additionally, the rise likely stemmed from more users transferring assets to Binance due to its deeper liquidity.

ETH exchange reserves

The large holding raised some concern, though, with analysts warning of possible risks if Binance were to face any major bank run or exploit issues.

Still, there were no signs of heavy selling from the exchange, supporting a relatively stable market for Ethereum.

Can Ethereum Hit a New High This Year？

Analysts remain optimistic that the Ethereum price could reach $4,000 if it closes above $3,300 in the coming weeks.

Based on its current price outlook, resistance is expected around $3,500, with support near $3,045.

Forecasts predict possible highs between $3,700 and $5,925, depending on the amount of additional money that flows into ETFs.

A clean break above $3,500 might push Ethereum into new record territory before the year ends.