Ethereum (#ETH) has demonstrated a powerful resurgence over the past week, climbing from roughly $1,722 to a recent high near $2,490 on the 4-hour chart. As of the latest candle, ETH trades around $2,405, up nearly 3% on the day, and comfortably above its short-term moving averages (MA5: $2,364; MA10: $2,324). This configuration signals sustained bullish momentum: the MA5 has crossed above the MA10 and MA20 ($2,112), confirming an acceleration in buying pressure.

Volume bars accompanying these green candles have steadily increased, underscoring genuine demand rather than a thin, short-lived rally. On-chain liquidity metrics remain healthy, with a market capitalization approaching $289 billion and a 24-hour turnover around $561 million, reflecting active participation from both retail and institutional traders.

Momentum indicators reinforce the uptrend. The MACD line (147.06) sits above its signal line (121.21), producing a positive histogram of roughly 51.7. This persistent divergence between MACD and price implies strong upward conviction, although traders should watch for any contraction in the histogram that could foreshadow a cooling period.

The Bollinger Bands (20,2) also illustrate expansion: the upper band at about $2,567 has widened from the mid-band ($2,112) and lower band ($1,658), indicating heightened volatility and reinforcing the uptrend. ETH’s current position near—but not beyond—the upper bollinger band suggests room for continued upside without immediately triggering an overbought reversal.

Key support lies at the former resistance zone around $2,250–$2,300 (the MA10/MA5 confluence), and more conservatively at the mid-band near $2,112. Should selling intensify, the MA20 and MA30 ($2,008) become logical buffers. On the upside, a sustained break above $2,490 could target psychological resistance at $2,600 and eventually challenge the upper bollinger band near $2,567.