Strong Start: Ethereum Reaches 2,615 USDT and Achieves a Daily Increase Exceeding 4%
Ethereum (ETH) has seen a new rise today, reaching 2,614.92 USDT, recording gains estimated at around 4.84% over the last 24 hours according to Coinbase data.
Reasons for the Rise:
Shanghai Upgrade: The anticipated technical event for redistributing staking rewards encouraged investors to buy ahead of the update's implementation, increasing buying pressure.
Improved Overall Market Sentiment: Improved trade relations between the United States and China have driven new cash flows toward high-risk assets, led by cryptocurrencies.
Institutional Activity: Addresses holding large amounts (1,000 ETH or more) have seen a noticeable increase in purchases over the past week, reflecting the desire of large traders to take advantage of the upward momentum.
What to Watch For?
Upcoming Resistances: The next resistance level is near 2,700–2,750 USDT, and if Ethereum breaks through it, it may target 3,000 USDT.
Volume and Flow Indicators: Continued increase in daily trading volume above 25 billion USDT will confirm the validity of the upward trend.
Volatility Related to Traditional Markets: Monitoring the movement of US stock indices is essential as they still influence traders' orientations towards cryptocurrencies.