Ethereum (ETH) hit a five-month high on Wednesday, driven by increasing institutional interest in the cryptocurrency space. The cryptocurrency is currently trading at $3,431.26, reflecting an impressive daily gain of 8.86%, as investors showed renewed confidence in the asset. Ethereum’s market capitalization surged to $414.231 billion, further solidifying its position as the second-largest cryptocurrency by market cap.
Over the past 24 hours, trading volume skyrocketed to $47.95 billion, representing a notable 32.46% increase compared to the previous day. The volume-to-market cap ratio remained steady at 11.7%, highlighting the strong liquidity Ethereum continues to demonstrate in the market.
Ethereum is gaining momentum following significant accumulation by public companies. Earlier this month, SharpLink Gaming revealed a $225 million Ethereum purchase. After raising $425 million in May, the company shifted its focus from online gambling marketing to crypto treasury management, adding Ethereum co-founder and Consensys CEO Joseph Lubin to its board.
Will Ethereum (ETH) Continue to Rally After Hitting $3,500?
According to our technical analsysis, Ethereum is maintaining a strong uptrend, with the daily chart showing a solid breakout above the $3,400 resistance level. If the momentum holds, the price could challenge the next resistance at $3,500, and a breakout there might push it further toward $3,750. On the downside, $3,200 now serves as key support, with $3,000 providing additional backup if selling pressure increases..
Ethereum (ETH) remains well above its 50-day moving average, reinforcing its bullish momentum. The RSI’s positive crossover signals strong buyer confidence, supported by all major indicators pointing to sustained buying pressure.
However, with the RSI in overbought territory, a short-term consolidation could be on the horizon. Should resistance levels continue to break, Ethereum could reach new yearly highs, fueled by growing investor confidence and increased capital inflows.
Also Read: Bitcoin Whale Bought BTC at $8k Price Point: Now Has $110 Million Profit
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
