Ethereum exploded, gaining over 10% in a single day! This massive jump has everyone talking, especially since it’s getting close to its yearly high.
A Billion Dollar Buy-In
CryptoQuant data shows something incredible: $1.683 billion worth of Ethereum was bought in just one hour! This massive taker buy volume in the futures market is a seriously bullish signal, suggesting strong buying pressure. It looks like investors are moving profits from Bitcoin (which is also doing great) into Ethereum, boosting its price.
Ethereum’s Bullish Momentum
After eight months of lower prices, Ethereum bulls are finally celebrating! The price is up over 40% since November 5th, and this aligns with the overall crypto market rally. Analyst Maartunn’s data, showing that $1.683 billion in taker buy volume in a single hour, confirms this strong buying pressure. This level of buying pushes the price up, making the bullish outlook even stronger.
Key Resistance Levels
However, there’s a hurdle: the $3,550 level. This price point has acted as resistance since July. Breaking through this level would be huge for Ethereum, potentially sending it on a new upward trend. Failure to break through could mean a temporary price correction.
Holding Strong
Currently, Ethereum is trading around $3,333. It’s testing a key supply zone just below $3,450. Holding above the 200-day moving average ($2,959) is also a positive sign. Breaking above $3,450 would confirm the uptrend and potentially lead to even higher prices. But if it can’t break through, we might see a short-term price dip.
What’s Next?
Ethereum’s next moves are crucial. It’s a key player in the altcoin market, and its performance could set the tone for other cryptocurrencies. All eyes are on ETH to see if this rally continues.
