Ethereum is once again the talk of the cryptocurrency town. This time, the buzz comes from the strong influx of ETH into accumulation wallets, indicating that long-term holders are making a big bet on ETH's price. Further driving this sentiment, CoinGlass data shows that Ethereum's open interest in the derivatives market has increased by nearly 17% to reach an all-time high of $33.12 billion. With this, are you interested in ETH's price volatility in the short term? This Ethereum price analysis is a must-read.
Ethereum Price Analysis
The price of Ethereum today is currently trading at $2,626.74, with a daily increase of +4.45%. Not only that, the price has risen +43.01% over the past week, +56.73% over the past month, and 92% in just 35 days. This momentum has pushed ETH above the 200-day EMA line at $2,436, a crucial long-term support level, and it is currently testing the 50% Fib retracement level near $2,700.
The trading volume since yesterday has increased by more than 33.50%, reaching $36.82 billion, while the market capitalization has risen to $316.95 billion. As can be seen from the chart, Ethereum has also broken out of the downward channel pattern, which further reinforces the bullish outlook. Speaking of the next big move, if ETH surpasses the key resistance level at $2,800, the psychological barrier of $3,000 may be imminent.
