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COINTURK NEWS > Ethereum (ETH) > Ethereum Experiences Significant Price Surge
Ethereum (ETH)

Ethereum Experiences Significant Price Surge

In Brief

  • Ethereum rose 25% last week, reaching $3,900.

  • ETH is nearing the $4,000 threshold with strong trading volume.

  • Network activity and open interest show significant increases.

COINTURK NEWS
COINTURK NEWS 12 months ago
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The largest altcoin Ethereum (ETH) made an impressive 25% rise last week, pushing its price up to $3,900. As the market anticipates an altcoin season, ETH is on the verge of surpassing the $4,000 threshold this week. Starting the week with a 2.16% rise, the altcoin king supports the possibility of a continued uptrend with a 70% increase in intraday trading volume.

Contents
Reflections from Ethereum’s Price ChartNetwork Activity and Open Interest Increase

Reflections from Ethereum’s Price Chart

The upward trend observed over the last 15 days, corresponding to a 35% rise, negatively impacted the short-term pullback phase. ETH‘s price is approaching a significant breakout point, and investors are closely watching to see if this momentum will reach an all-time high.

The upward trend in ETH’s price chart starting from $2,850 resulted in a falling wedge formation breakout, creating a rounding bottom formation. The critical neckline at $4,000 indicates a potential breakout rally. In the last 72 hours, ETH rose by 5%, forming a three white soldiers pattern, indicating strong upward momentum.

MACD indicator shows an upward trend, despite a small pause as the histogram falls. The RSI line flattened near the overbought region, indicating some consolidation below $3,900. Nevertheless, the week’s initial rise suggests a positive outlook for the coming week, aiming to reclaim the $4,000 level.

Network Activity and Open Interest Increase

Ethereum’s network activity significantly increased over the past week. The total number of ETH transfers rose by 72.45%, while active wallet addresses increased by 3.58%, indicating higher network participation. Transactions also increased by 3.84%, reaching 1.13 million, demonstrating strong network performance and engagement.

Moreover, Ethereum’s open interest rose by 6.84% in the last 24 hours to $13.17 billion, facing a 51.06% increase on a weekly basis. The positive funding rate of 0.01641022 indicates a bullish trend, with traders willing to pay premiums. Additionally, net flow data to cryptocurrency exchanges showed a significant 1087.48% drop in the last 24 hours, indicating lower net deposits compared to the 7-day average.

The current uptrend and positive market sentiment point to a rise for ETH in the coming week. On-chain indicators and technical analyses support the likelihood of ETH surpassing the psychological level of $4,000. If this happens, Ethereum could target $4,698 based on Fibonacci retracement levels. Additionally, any news regarding spot Ethereum ETF listings could push ETH to the 1.618 Fibonacci level, corresponding to $5,841.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 27 May, 2024 - 4:13 pm 27 May, 2024 - 4:13 pm
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