Ethereum experienced a notable 10% surge yesterday, indicating a remarkable recovery concurrent with an overall bullish day for the entire cryptocurrency market. This rise has rekindled investor optimism as Ethereum approaches its annual highs.
CryptoQuant’s key data points to an impressive bullish signal: Ethereum’s Taker Buy Volume reached a staggering $1.683 billion within a single hourly candle. This measure demonstrates aggressive purchasing in the futures market, supporting the potential for Ethereum’s continued upward trend.
The increased demand for Ethereum seems to be driven by profits being channelled from Bitcoin. With Bitcoin consistently shattering all-time highs, investors are reallocating their gains into ETH, thereby boosting its price. Ethereum’s success in leveraging Bitcoin’s momentum emphasizes its standing as the second-largest cryptocurrency and a significant participant in the larger market trend.
The coming days will be critical for Ethereum as it approaches its annual highs. A robust breakout above these levels could launch ETH into a fresh uptrend, bolstering its bullish narrative further.
Following eight months of bearish price action, Ethereum bulls are showing signs of resurgence. The price has surged over 40% since November 5, indicating potent upward momentum in line with the broader market rally. This has created a renewed sense of optimism that Ethereum’s recovery is only just beginning. The revival of bullish sentiment places Ethereum as a primary focus for investors seeking opportunities in the existing market environment.
CryptoQuant analyst Maartunn’s data shows that Ethereum’s Taker Buy Volume recently hit $1.683 billion within a single hourly candle, highlighting significant demand and high-volume trades.
This aggressive purchasing activity sends a bullish message, indicating a rise in confidence in Ethereum’s potential to maintain its rally. Such robust demand on this scale applies upward pressure on the price, strengthening the bullish narrative for ETH.
However, Ethereum is still up against a significant resistance at the $3,550 level, a substantial supply zone that has acted as a barrier since late July. The coming days will be critical for Ethereum, as breaking above this key resistance could signal the continuation of its upward trajectory. Failure to do so might lead to short-term consolidation. At present, all eyes are on ETH, as its next moves could set the tone for the altcoin market.
Ethereum (ETH) is trading at $3,333 following a 10% surge yesterday, indicating a significant rebound for the second-largest cryptocurrency. The price is testing a crucial supply zone just below the $3,450 level, a resistance area that bulls need to reclaim to confirm the uptrend and maintain momentum for new highs.
Historically, this supply zone has acted as a significant barrier, and breaking above it with conviction would signal robust buying pressure and the potential for a sustained rally. Ethereum’s position above the 200-day moving average (MA) at $2,959 further strengthens the bullish case, as this indicator is widely seen as a benchmark for long-term price trends.
Should Ethereum maintain its position above the 200-day MA and push decisively past the $3,450 level, it could pave the way for a bullish rally, targeting higher resistance zones in the coming days. However, failure to overcome this supply area may result in short-term consolidation as bulls regroup to challenge the level again. The market currently focuses on Ethereum’s ability to clear this vital resistance and continue its upward trajectory.
