Ethereum Surpasses $2.5K for the First Time Since Early October
- In the last 24 hours, Ethereum has broken past the $2.5K level for the first time since October 1, with its daily trading volume increasing by 35.69%, according to CMC data. As the week begins, investor optimism remains strong, with hopes of upcoming bull runs. The overall cryptocurrency market has seen gains in both market capitalization and trading volume, with Ethereum leading the way by overcoming its resistance at $2.5K.
- Bitcoin, the largest cryptocurrency, is also pushing toward $64,000, which has positively influenced Ethereum and other altcoins. Ethereum’s price has risen by 2.46% over the last 24 hours. On October 13, the altcoin traded at $2,462 before dipping to support levels around $2,450. However, by October 14, the bulls gained control, driving Ethereum past $2,500 for the first time since the beginning of October. At the time of writing, Ethereum is priced at $2,526, as per CMC data.
- Despite this recent surge, the Ethereum community has been somewhat disappointed with its performance over the past month. Unlike Bitcoin, Ethereum has struggled to recover significantly since the last market downturn, trading in a consolidated range around the $2,000 mark since September.
On a weekly basis, Ethereum has recorded a 1.64% price increase, fueling speculation that a more substantial price rally could be on the horizon.
Is a Bullish Rally Ahead for Ethereum?
- Ethereum’s technical indicators suggest positive momentum. The MACD signal line recently crossed above the MACD line, hinting at potential bullish activity. The RSI currently sits at 54.37, indicating buying strength, while the bull-bear power trend reveals that bulls are in control with a value of 4.53 compared to the bears’ 2.73, further supporting a bullish outlook for Ethereum.
- However, the U.S. SEC has recently delayed its decision on Ethereum Options trading. Meanwhile, the overall crypto market has seen increased liquidations in the past 24 hours, according to coinglass data.
