Ethereum (ETH), the second-largest cryptocurrency by market cap, has climbed more than 5% in the past 24 hours, trading above the $2,750 zone. This occurs amid a broader cryptocurrency market recovery.
ETH Continues Rally
Ethereum's rise follows the overall uptrend in the cryptocurrency market, led by gains in Bitcoin (BTC), which has also risen 3.5% to the $61,000 range. Observers attribute this to the upcoming US election, expected to have a substantial impact on digital assets.
Possible Sell-off by Jump Trading
Amid the rally, Jump Trading, a major crypto market maker, recently transferred 17,049 ETH worth approximately $46.44 million, possibly in preparation for a sell-off. Blockchain analyst Lookonchain highlighted that this ETH was withdrawn from the liquid staking platform Lido, likely for sale.
Future Outlook
According to Ethereum's daily chart, the upward trend could continue. Technical indicators like the Moving Average Convergence Divergence (MACD) and Chaikin Money Flow (CMF) suggest positive momentum, indicating potential further price increases. If Ethereum surpasses $2,800, it could rise to $3,000 or even $3,500. Conversely, if it drops below $2,650, it may find support near $2,500 and $2,000.
Ethereum shows significant growth amid the overall market recovery. Investors and analysts are closely monitoring the developments, anticipating further price changes.
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