In the past 24 hours, Ethereum's price has surged 20%, reaching $2,331. The rally was mainly driven by short liquidations and high derivatives activity.
Historic Growth of Ethereum
Ethereum has reached historic gains of 20% in a single day, marking one of the largest percentage increases this year. The rally was largely propelled by aggressive short liquidations and high derivatives activity.
Technical Analysis and Resistance Levels
Ethereum's price broke out of a rising channel that had been intact since April, surpassing the $1,950 support level and climbing past $2,200. The next resistance levels are projected at $2,386 and $2,550. However, the MACD indicator currently shows overbought conditions, suggesting a potential short-term pullback.
ETH/BTC Undervaluation and Macroeconomic Influence
On-chain data from CryptoQuant indicates that Ethereum is trading at its lowest valuation against Bitcoin since 2019. This suggests a potential outperformance opportunity for ETH. The global economic uncertainty continues to influence price action, and investors are monitoring developments that may affect Ethereum's dynamics.
Ethereum has shown substantial growth of 54% month over month, although it remains down 26% year to date. Observing price stability above $2,000 will be crucial for assessing future momentum.
