The price of Ethereum (ETH) experienced a significant boost of almost 25% last week, reaching a milestone of $3,900. This bullish reversal over the past 15 days accounts for approximately 35% of the overall increase, thanks to a breakout from a falling wedge pattern and the formation of a rounding bottom.
The Ethereum network has also seen a surge in activity, with a remarkable 72.45% increase in token transfers and a 3.58% rise in active addresses. This indicates a growing interest and engagement within the Ethereum community.
As the positive price trend of Ethereum continues to gain momentum, the cryptocurrency is on the verge of breaking through the crucial resistance level of $4,000. Speculation about the upcoming altseason further fuels the anticipation of a potential breakthrough this week.
Ethereum started the week with a 2.16% increase, accompanied by a substantial 70% surge in intraday trading volume. This reinforces the likelihood of an upward trend and strengthens the bullish sentiment. Furthermore, the recent reversal has overshadowed any short-term pullbacks, contributing to the overall price appreciation.
Analyzing the price performance of Ethereum, the reversal from the $2,850 level has led to a breakout from a falling wedge pattern and the formation of a rounding bottom pattern. With the neckline situated at the swing high of $4,000, Ethereum is primed for a breakout rally.
The bullish momentum remains strong, with a 5% surge in ETH price within the past 72 hours. This surge potentially completes a triple white soldier pattern, indicating the dominance of buyers in the market. With the price hovering above $3,900, the chances of a bullish rally surpassing the psychological threshold of $4,000 have significantly increased.
Examining the technical indicators, the MACD and signal lines have experienced a bullish crossover, suggesting a minor pause in the price increase. The declining histograms further support this observation. Additionally, the daily RSI line has flattened near the overbought boundary, indicating a brief consolidation phase below $3,900.
In addition to the price surge, Ethereum’s network activity has witnessed an explosion in activity. The total number of ETH token transfers has skyrocketed by 72.45%, while the number of active addresses has increased by 3.58%. This surge in network activity highlights the strong performance and growing participation within the Ethereum ecosystem.
Transactions on the Ethereum network have also climbed by 3.84%, reaching a total of 1,138,780. This further emphasizes the robustness of Ethereum’s performance and the increasing engagement of its users.
Moreover, open interest in Ethereum has surged to $13.17 billion, experiencing a significant intraday increase of 6.84% and a remarkable rise of 51.06% over the past seven days. The positive funding rate of 0.01641022 indicates that bulls are dominant in the market and are willing to pay a premium.
Overall, the price of Ethereum has experienced a notable surge, accompanied by a surge in network activity and open interest. The positive price trend, along with the growing engagement within the Ethereum community, sets the stage for further price appreciation and potential breakthroughs in the near future.