Ethereum Bulls Drive Price Surge to $3,545 Amid Soaring Trading Volume
Ethereum (ETH), the largest altcoin, has joined the crypto market rally, breaking out of a consolidation phase that lasted for weeks. Overcoming significant resistance, ETH has initiated a fresh surge above $3,400.
ETH bulls pushed the price to a daily peak of $3,545 before a slight correction brought it back below the $3,500 level. Currently trading at $3,426, Ethereum has recorded a 1.16% gain over the past 24 hours. Meanwhile, daily trading volume has skyrocketed by 86.25%, reaching $53.49 billion, despite $85.63 million worth of liquidations during the same period.
Weekly Overview
Ethereum’s price has climbed by over 9.35% this week, starting at $3,133 and gradually reaching $3,416 as it battles to break into bullish territory. Analysts have issued a mixed risk assessment for ETH, suggesting a “HOLD” rating with a confidence level of 65%. While the market remains stable, there are no strong signals to either buy or sell at this time.
Will Ethereum Resume Its Uptrend?
The ETH/USDT trading pair has shown signs of brief bearish sentiment. The MACD indicator is positioned below the signal line, indicating a potential bearish trend. However, the Chaikin Money Flow (CMF) index at 0.11 highlights a positive money flow, signaling the possibility of an upside correction.
On the four-hour chart, Ethereum broke through the $3,400 resistance level, signaling potential for further gains. Sustained momentum could push the price toward $3,500 and potentially test resistance at $3,594. However, if bullish momentum fades, ETH may retreat to $3,300, with a breakdown below this range potentially triggering a sharp correction to $3,214.
Technical Insights
- The 50-day moving average has crossed above the 200-day moving average, indicating a bullish short-term trend.
- The daily RSI stands at 56.63, reflecting a neutral market sentiment.
- Ethereum’s price movements suggest that it has gained momentum after a prolonged period of stagnation, with key support and resistance levels coming into play.
Ethereum traders are closely watching for signs of a continued rally or potential correction as the market unfolds.
