Ethereum price shows new bullish momentum after successfully holding the $3,950 support level, currently challenging the $4,320 mark. Technical indicators show strong upward potential, and with DigitalOcean raising $550 million to support Ethereum infrastructure, the market structure is favorable for continued growth. This article will provide a detailed analysis of Ethereum's current technical and fundamental trends.
Ethereum Bullish Target at $4,500, Technical Structure Continues to Strengthen
Ethereum price demonstrates new bullish momentum after successfully holding the $3,950 support level. The second-largest cryptocurrency by market capitalization has broken through multiple resistance levels and is poised to break the $4,320 mark.
Technical indicators show strong upward potential. On Kraken's hourly chart, ETH/USD continues to maintain above the 100-hour moving average and the $4,250 upward trend line. The current price is consolidating above the 23.6% Fibonacci retracement level in the $3,545 to $4,362 range, indicating a healthy price movement.
The market structure is favorable for continued growth. If it can close above $4,400, it may accelerate towards the $4,500 resistance zone. As long as Ethereum maintains support above $4,150, the bullish scenario remains valid.
DigitalOcean Raises $550 Million via Convertible Bonds to Support Ethereum Infrastructure
New York-listed cloud infrastructure provider DigitalOcean Holdings Inc. successfully raised $550 million by issuing convertible senior notes to qualified institutional investors. According to information disclosed on August 12 by BusinessWire, this financing will strengthen the company's balance sheet while continuing to provide hosting services for critical Ethereum network infrastructure and maintain its developer-centric cloud services.
This financing follows DigitalOcean's $50 million Series B funding round led by Andreessen Horowitz (a16z) in 2020. Although DigitalOcean is primarily a traditional cloud service provider, its involvement in Ethereum node hosting makes it an indirect beneficiary of blockchain adoption trends.
