TLDR
- Network records 300% surge in large transactions to $17.15B
- ETH reaches 2024 peak at $4,096, breaking March resistance
- On-chain analysis shows key support at $3,560 with 5.1M ETH
- Limited sell pressure noted between current price and $4,878 ATH
- Institutional activity increases as price maintains above $3,900
Market activity for Ethereum reached new heights this week as transaction volume hit $17.15 billion, marking a 300% increase from previous weeks. The surge in volume accompanies ETH’s push to a new yearly high of $4,096, breaking through its March resistance level.
Data from blockchain analytics firm IntoTheBlock reveals an unprecedented rise in large-scale transactions, suggesting increased participation from institutional players and high-net-worth individuals. These transactions, typically associated with professional trading firms and investment funds, point to growing confidence in Ethereum’s market position.
The price movement above $4,000 represents more than just a psychological barrier – it stands as the highest level reached in 2024. Trading data shows sustained buying pressure as ETH maintained prices above $3,900 throughout most of the week.
On-chain metrics paint a clear picture of market structure, with a robust support zone emerging between $3,514 and $3,634. This range holds particular importance as it contains holdings of approximately 5.1 million ETH spread across 3.4 million addresses, creating a natural price floor.
Exchange flow data indicates a steady decrease in available supply across major trading platforms. Traders and investors continue to move their holdings to private wallets, a behavior typically associated with long-term holding strategies rather than active trading.
Market depth analysis shows remarkably thin sell-side liquidity between current prices and the previous all-time high of $4,878. Only one notable resistance zone appears at $4,540, where roughly 669,000 ETH tokens are held across 609,000 addresses.
Weekly trading patterns demonstrate consistent accumulation, with buy orders outpacing sell orders on most major exchanges. This imbalance contributes to the sustained upward pressure on prices, as demand continues to exceed available supply.
The surge in network activity extends beyond just large transactions. New wallet creation rates show steady growth, indicating broader market participation beyond institutional players. This organic growth in user adoption often precedes sustained market movements.
Technical indicators suggest strong market health, with ETH maintaining stability above key moving averages. The weekly close becomes particularly relevant, as sustaining levels above $4,000 would mark the highest weekly close since December 2021.
Smart contract interactions on the Ethereum network continue to rise, leading to more tokens being locked in decentralized applications. This reduction in circulating supply adds another dimension to the current market dynamics.
Trading volume distribution shows a shift toward larger block trades, typically associated with institutional order flow. These larger trades account for an increasing percentage of total market activity, suggesting professional trader involvement.
Price action remains contained within an ascending channel, with each pullback meeting fresh buying interest. This pattern of higher lows and higher highs indicates sustained bullish market structure.
Order book analysis reveals clustered buy orders around the $3,800 level, providing additional support below current prices. This accumulation of bids suggests traders view any dips as buying opportunities.
Historical volatility metrics show a decrease in price swings, indicating more mature market behavior. This reduction in volatility often accompanies periods of sustainable price appreciation.
The latest market data shows ETH trading at $3,960, maintaining steady volume and price stability. Order flow metrics continue to indicate strong buying pressure across spot markets.
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