Ethereum Bullish Breakout: How Far Will ETH Price Rally in July?

• Ethereum price soared past $3,150 on Wednesday for the first time since January. 
• Both technical and fundamental aspects favor bullish sentiment for the Ether price in July.
• Renewed demand for Ether by institutional investors amid record-high Open Interest spells more bullish momentum.

The price of Ethereum has soared above $3,150 for the first time in 23 weeks, and the betting markets are now pricing in a 74% probability that it will hit $3,300 before the end of July.

This strong bullish conviction comes as a wave of institutional money continues to flood into the asset. The large-cap altcoin surged 5.53% in the past 24 hours to trade at about $3,141 on Wednesday. 

According to market data analysis from Coinglass, Ether price has recorded an average gain of 7% in July since 2016, despite posting more bearish monthly returns of July in the past.

Related: Ethereum (ETH) Price Prediction for July 17

Following the enchanting bullish breakout of Ether against Bitcoin and the U.S. dollar, Polymarket traders think there is a slim chance, 3% odds, for a capitulation to $2,200. 

Top Reasons Why Ethereum Price Will Soar in July

The top reason for the…

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