Ethereum (ETH) Surges Over 2% in Recent Trading Session

Ethereum's price has jumped over 2% in a short span, catching traders' attention and showcasing renewed strength in buyer momentum. The cryptocurrency is currently trading at around $3,757.80 USD, with a 24-hour trading volume of $32,224,709,414 USD.

Key Factors Behind the Surge:

- *Increased Buying Pressure*: Ethereum's exchange reserves have dropped to 19.3 million ETH, a multi-year low, as investors move their ETH from centralized exchanges, often signaling bullish trends and long-term accumulation.

- *Positive Market Sentiment*: The broader cryptocurrency market followed Ethereum's bullish momentum, pushing the global market capitalization to $2.75 trillion, a 2.23% rise in the last 24 hours.

- *Growing Institutional Interest*: Ethereum's price surge could be attributed to growing institutional interest, with potential ETF approval and increased adoption driving demand ¹ ².

Technical Indicators:

- *Relative Strength Index (RSI)*: The RSI stands at 64.42, indicating growing buying pressure.

- *Chaikin Money Flow (CMF)*: The CMF at 0.10 suggests capital inflows are increasing.

- *Moving Averages*: Moving averages show a bullish crossover, reinforcing the uptrend.

Future Outlook:

- *Resistance Level*: Ethereum is testing resistance at $3,800, with a potential move toward $4,000 if bullish momentum holds.

- *Support Level*: A pullback could see prices drop to $3,550, a key support level ² ³.