Ethereum CFN

  • Ethereum trades above $2,700 with 5% daily gain and strong volume, signaling bullish momentum.

  • $493M in weekly exchange outflows and 71% of holders in profit show a strong accumulation trend.

  • Ethereum’s RSI stays below overbought as price forms higher highs, eyeing $2,850 resistance level.

Ethereum is trading above the $2,700 mark once again, following a sharp upward move supported by strong market activity. The price recovery reflects renewed demand and a shift in sentiment, as key metrics across price, volume, and on-chain data continue to support a bullish stance.

Ethereum Sees Strong Volume and Price Growth

Ethereum traded at $2,790.12 at the time of reporting, posting a 5% gain over the last 24 hours. Within a few hours, the asset was oscillating between a low of 2,578.5 to a local high close to 2,800. Ethereum remained trading above the mark of $2,750 all through the day indicating stable buyer activity.

According to data from CoinMarketCap, Ethereum’s market capitalization rose to $336.81 billion, also up 5% in 24 hours. Trading volume increased 40.26% to reach $26.8 billion, suggesting growing market participation. The volume-to-market cap ratio stood at 8.01%, indicating active trading conditions and strong liquidity.

https://twitter.com/CryptoBusy/status/1943011487636918654

Price action was stable with no large retracements, while the chart displayed continuous accumulation. The asset closed just below the session high, maintaining a bullish posture. CryptoBusy noted that Ethereum is now back above $2,700, a key psychological level for traders.

On-Chain Activity Reflects Market Confidence

According to data from IntoTheBlock, over 71% of Ethereum holders were in profit at the time of reporting. Around 56% of the circulating ETH supply is held by large holders, with many continuing to hold long term. The total supply remained fixed at 120.71 million ETH, with no inflation-adjusted growth.

Exchange netflows showed $493.33 million in outflows over the last seven days, suggesting potential accumulation. Open interest in Ethereum derivatives markets also grew, and trading volume reached $39.27 billion. The Relative Strength Index remained below overbought levels, suggesting possible room for further upside.

Analysts noticed higher highs and higher lows structure on its chart that is the usual indicator of an active uptrend. If momentum continues, Ethereum could approach the next key resistance near $2,850.

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