Key Takeaways
- Ethereum surged over 6% in the past 24 hours, briefly crossing the $2,600 mark.
- Strong technical fundamentals suggest a potential rally toward $2,900.
ETH Rallies 6% to $2,600
Ethereum (ETH), the second-largest cryptocurrency by market cap, outperformed most top-10 cryptocurrencies. The token gained over 6% in the past 24 hours, currently trading at $2,598 per coin.
This uptrend aligns with a broader crypto market recovery:
- Bitcoin approached $35,000 after a 110% year-to-date rally.
- Dogecoin and Cardano rose 7% and 6%, respectively.
- XRP, TRX, and BNB also recorded gains.
👉 Institutional interest in Ethereum ETFs has been a key driver. Glassnode data revealed 106,000 ETH flowed into spot ETH ETFs last week, signaling strong demand.
Technical Outlook: ETH Eyes $2,900
The ETH/USD 4-hour chart shows bullish but inefficient momentum, hinting at an upcoming capital shift. Key indicators support further upside:
- MACD: Lines in positive territory, confirming bullish bias.
- RSI: At 66, nearing overbought conditions but leaving room for growth.
- Support/Resistance: Trading between the 50-day SMA ($2,528) and $2,323 support.
Price Scenarios
Bullish Case: A rebound from $2,530 could propel ETH toward:
- Initial resistance at $2,738.
- Secondary target at $2,879.
Bearish Scenario: If momentum falters, ETH may test:
- $2,323 support.
- Next major floor at $2,111.
FAQ
Q: What’s driving Ethereum’s price surge?
A: Institutional ETF inflows and broader crypto market recovery.
Q: Is ETH overbought?
A: The RSI suggests it’s nearing overbought levels, but bullish MACD signals may override short-term pressure.
Q: What’s the critical support level?
A: Hold above $2,323 to maintain bullish momentum.
👉 Track real-time ETH price action for updated trends.
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