Ethereum shows strong upward momentum, successfully breaking through the key level of $2200 early Friday morning, with a weekly-level strong rebound presenting an accelerated trend.
It is worth noting that its more than 20% surge within 24 hours not only outperformed the vast majority of altcoins but also exhibited explosive power comparable to the initial bull market of 2021.
Market enthusiasm is spreading along the ETH ecosystem chain, with meme projects PEPE, NEIRO, MOODENG and ecosystem projects EIGEN, ETHFI, ENA forming a synergistic effect, creating a complete value transmission chain.
From a technical perspective, the current price has broken through the weekly-level downward trend line resistance, accompanied by a significant increase in trading volume, and the MACD indicator has formed a weekly-level golden cross, with the mid-term technical outlook showing a bullish pattern.
On the fundamental side, the performance enhancement effects brought by the Cancun upgrade continue to be released, with Ethereum's staking volume surpassing 40 million coins, setting a historical high, and the L2 ecosystem TVL climbing to $45 billion, which provides strong support for the coin price through substantial improvement in these underlying data.
Looking ahead, if the weekly level can stay above $2200, it may enter a volatile upward channel. In the short term, attention should be paid to the historical resistance level of $2500, as this area is both a technical resistance level that has repeatedly failed to break through in 2023 and corresponds to some early stakers' selling pressure.
Investors are advised to closely monitor the ETH/BTC exchange rate trend and the progress of ETF approvals. If the exchange rate stabilizes above 0.06 and the spot ETF approval expectations strengthen, this round of the market may continue towards the $3000 direction.
However, be wary of the risk of a technical pullback after excessive market speculation, and it is recommended to adopt a staggered profit-taking strategy.
