Ethereum surged 16%, breaking consolidation and hitting $2,249 with massive trading volume.
Whales opened large ETH positions, signaling rising confidence and potential for further gains.
Technical indicators suggest bullish momentum; a $2,380 breakout could lead to a $2,600 rally.
The price of Ethereum — ETH, has exploded through the ceiling after months of silence. The token surged 16% within 24 hours, catching many traders off guard. Ethereum now trades at $2,249, smashing through the psychological $2,000 barrier. The market suddenly roared back to life, with ETH’s trading volume soaring 108%. That spike brought the daily total to an eye-popping $38.4 billion. For those calling Ethereum dead money, the comeback speaks louder than words.
https://twitter.com/ali_charts/status/1920632055521505750 Big Players Dive Back In
ETH's recent surge is not just noise — whales jumped into the action with serious weight. LookonChain spotted a massive ETH long position worth $36.3 million. A single investor deposited 17.46 million USDC into Hyperliquid and scooped up 17,702 ETH using 2x leverage. That kind of bold move doesn’t come from fear or uncertainty — it shows confidence and a hunger for gains.
Crypto analyst Ali Martinez flagged the $2,100–$2,300 range as critical. Ethereum has tested that zone five times in a year. Each visit created waves, flipping from support to resistance and back again. Martinez noted that clearing $2,380 could open floodgates for a new bull cycle. Mister Crypto shared the excitement, calling this “time for a massive rally.”
Technical Signals Point Toward More Upside
The chart supports the optimism. Ethereum recently broke above the upper Bollinger Band, suggesting strong upward force. Price action like this shouts optimism. However, traders should remain cautious. If ETH pulls back to the 20-day SMA, some sideways movement could follow. Support currently holds at the lower band near $1,825.
Momentum indicators hint that Ethereum’s rally may just be warming up. The RSI now reads 79 — deep into overbought territory. Normally, that could suggest an upcoming cooldown. But in roaring bull runs, elevated RSI often sticks around longer than expected. The MACD adds more fuel to the bullish fire. A clear crossover just formed, and the MACD line sprinted above the signal line.
Rising histogram bars confirm building strength behind this price movement. Zooming out, the current price zone mirrors levels last seen in late 2023. That breakout led to a parabolic run toward $4,000. If ETH breaks above $2,380, similar fireworks could return. A path toward $2,600 feels possible — maybe even inevitable — if confidence keeps building. Ethereum has woken up from slumber. And the bulls? They’re not just back. They’re stampeding with fire in their eyes.
