Ethereum experienced a significant price increase, surpassing the $3,200 mark and aiming for critical levels of $3.5k and $4k. Let's explore key factors influencing this trend.
Increased Network Activity and Transaction Volume
The rise in network activity and transaction volume highlights the demand for Ethereum. The cryptocurrency’s price prediction remains strongly bullish on higher timeframes after swiftly recovering from a previous downward trend, gaining 43.1% since last Tuesday.
Resistance and Future Predictions
The OBV surpassed three-month highs, and the RSI was at 79.5, indicating strong bullish momentum. Ethereum might need a few days to consolidate, especially as it faces resistance from June and July levels. On the weekly timeframe, a move beyond $3,562 could set the path toward the next target of $4k.
Analysis of the six-month liquidation heatmap reveals high bands of liquidity up to $4k, with July's highs at $3,562 playing a key role in determining the future trend. The scarcity of liquidation levels to the south suggests a potential upward movement in the coming days and weeks.
