TLDR
- Ethereum breaks above $3,600 with a 10% daily gain
- Trading volume surges to $47.87B across major exchanges
- Short positions see $47.73M in liquidations during rally
- Price sits 24.8% below historical peak of $4,800
- Multiple support levels established above $3,250
The cryptocurrency market has witnessed a notable surge in Ethereum’s price, as the second-largest digital asset jumped 10.66% in just 24 hours. The move pushed the price to $3,647, drawing attention from traders and investors alike.
Market data reveals an extraordinary spike in trading activity, with volume reaching $47.87 billion across exchanges. Leading platforms Binance, Digifinex, and Bybit have recorded the highest trading volumes during this period of increased market activity.
The sharp price movement has created waves in the derivatives market, leading to substantial position liquidations. Data shows $56.5 million worth of positions were cleared, with short sellers bearing the brunt of the losses at $47.73 million.
Trading patterns indicate strong activity across multiple currency pairs, with Tether (USDT) emerging as the primary trading partner. Other active pairs include the U.S. dollar, FDUSD, USDC, Bitcoin, Korean won, and euro, showing broad-based participation in the rally.
The market structure reveals robust support forming above the $3,250 level, with price action maintaining stability above both $3,500 and the 100-hour Simple Moving Average. A clear break above the bearish trend line at $3,375 suggests growing bullish sentiment.
Technical indicators paint a positive picture, with the hourly MACD showing momentum in bullish territory. The RSI indicator remains above the 50 mark, supporting the current upward trajectory of prices.
The rally comes during a period when Bitcoin, the market leader, posted a more modest 4.4% gain. This divergence highlights Ethereum’s independent market dynamics, particularly during periods of Bitcoin price consolidation.
Current price levels place Ethereum approximately 24.8% below its record high of $4,800 set in 2021. This gap represents potential upside room while serving as a reference point for historical price performance.
The Altcoin Season Index currently stands at 65 out of 100, moving closer to the crucial 75 threshold that traditionally signals an altcoin season. This metric suggests growing interest in alternative cryptocurrencies.
Price analysis shows multiple support zones establishing themselves, with the 23.6% Fibonacci retracement level between $3,254 and $3,688 holding firm. This technical formation indicates sustained buying interest at current levels.
The immediate price outlook shows resistance near $3,650, with additional hurdles at $3,685 and $3,720. A breakthrough above these levels could open the path toward the $3,840 mark.
Support levels have formed at $3,585, with additional backup at $3,550. Should prices retreat, the 50% Fibonacci retracement level at $3,470 could provide another layer of support.
Year-to-date comparisons show Bitcoin outperforming Ethereum by a factor of three in 2024. However, Ethereum often displays stronger performance during periods of Bitcoin consolidation, as evidenced by the current market movement.
Exchange data indicates increased spot market activity across multiple trading pairs, suggesting broad participation in the current price action. This widespread trading interest spans various geographical regions and trading platforms.
The derivatives market response has been particularly noteworthy, with the large number of short position liquidations potentially adding fuel to the upward price movement through forced buying pressure.
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