Ethereum is once again the talk of the cryptocurrency town. This time, the buzz comes from the strong influx of ETH flowing into accumulation wallets, indicating that long-term holders are making a big bet on ETH's price. Further fueling this sentiment, CoinGlass data shows that the open interest of Ethereum in the derivatives market has surged nearly 17% to reach an ATH of $33.12 billion. With this, are you interested in the price volatility of ETH in the short term? This Ethereum price analysis is a must-read.
Ethereum Price Analysis
The price of Ethereum today is currently trading at $2,626.74, with a daily increase of +4.45%. Not only that, the price has increased by +43.01% over the past week, +56.73% over the past month, and 92% in just 35 days. This momentum has pushed ETH above the 200-day EMA line at $2,436, a key long-term support level, and is currently testing the 50% Fib retracement level near $2,700.
The trading volume since yesterday has increased by more than 33.50%, reaching 36.82 billion dollars, while the market capitalization has risen to 316.95 billion dollars. As can be seen from the chart, Ethereum has also broken out of the descending channel pattern, further reinforcing the bullish outlook. Speaking of the next major move, if ETH surpasses the important resistance level at 2,800 dollars, the psychological barrier of 3,000 dollars may be approaching.
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Ethereum Breaks the Pattern: Will the Price of $ETH Break the $3,000 Level or Consolidate?
Ethereum is once again the talk of the cryptocurrency town. This time, the buzz comes from the strong influx of ETH flowing into accumulation wallets, indicating that long-term holders are making a big bet on ETH's price. Further fueling this sentiment, CoinGlass data shows that the open interest of Ethereum in the derivatives market has surged nearly 17% to reach an ATH of $33.12 billion. With this, are you interested in the price volatility of ETH in the short term? This Ethereum price analysis is a must-read. Ethereum Price Analysis The price of Ethereum today is currently trading at $2,626.74, with a daily increase of +4.45%. Not only that, the price has increased by +43.01% over the past week, +56.73% over the past month, and 92% in just 35 days. This momentum has pushed ETH above the 200-day EMA line at $2,436, a key long-term support level, and is currently testing the 50% Fib retracement level near $2,700.
The trading volume since yesterday has increased by more than 33.50%, reaching 36.82 billion dollars, while the market capitalization has risen to 316.95 billion dollars. As can be seen from the chart, Ethereum has also broken out of the descending channel pattern, further reinforcing the bullish outlook. Speaking of the next major move, if ETH surpasses the important resistance level at 2,800 dollars, the psychological barrier of 3,000 dollars may be approaching.