A New Milestone
The recent rise in $ETH price has resulted in a significant milestone: its value has reached $2,500. This achievement comes after the successful implementation of the Pectra upgrade, which has boosted market sentiment and driven the price up 31% in just 24 hours.
➡️- "Pectra Upgrade": Since its launch, the upgrade has had a significant impact on market sentiment, with exchanges receiving $15.6 billion in net inflows. - *Investor Sentiment*: Despite the impressive gains, investor profit-taking may limit upward momentum, with $12 billion worth of ETH sold on May 8 alone.
➡️ - *Resistance Level*: Ethereum needs to breach the $2,500 resistance level sustainably to continue its rally, with potential targets at $2,654.
Market Analysis
$ETH macro momentum shows both strength and potential headwinds. The IOMAP analysis reveals that 11.56 million ETH were bought in the range between $2,493 and $2,915, making this range crucial for Ethereum's future price movement.
Future Outlook
➡️ - *Bullish Trend*: If $ETH breaks through $2,513 and secures it as a support floor, it could target further upward movement toward $2,654.
➡️ - *Bearish Trend*: Failure to breach $2,500 could lead to a drop back to $2,344 or lower, potentially erasing some of the recent gains.
Current price of Ethereum is $2,510.90, with a 4.01% increase in the last 24 hours. The market capitalization stands at $303.08 billion, with a 4.83% increase ¹.
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