Following recent consolidation, Ethereum stands at the verge of a significant upswing in the cryptocurrency market. Recent data suggests that Ethereum is already demonstrating positive momentum.
Ethereum Technical Analysis and Upcoming Levels
According to expert technical analysis, Ethereum has been trading between $1,840 and $1,955 over the past week. As the market surged today, Ethereum hit the upper boundary and broke through. If the price closes above $1,960, there's potential for it to reach $2,200 in the coming days.
Bullish On-Chain Metrics
Although Ethereum is in a downtrend, intraday traders are looking bullish with significant long positions, according to Coinglass. Traders built $480 million in long positions and $140 million in shorts, indicating confidence in a price rise.
Current Price Momentum
Ethereum is trading near $1,950, observing a 5% increase over the past 24 hours. This rally has increased trader and investor participation, with trading volumes jumping by 30%.
Ethereum's rise amid current market conditions underscores trader and investor confidence, potentially strengthening its future market position.
