#ETH Price Action: Bullish Momentum Builds Amid Strong Volume & On-Chain Activity
Over the past 24 hours, Ethereum (ETH) has shown strong bullish momentum, climbing from around $4,259 to $4,486 — a nearly 5.3% increase. The most recent candle closed near its high at $4,486.76, after testing a peak of $4,497.79. This upward move followed a decisive breakout above the $4,300 psychological level, which had acted as resistance earlier on August 12. The sustained push with increasing volume suggests growing buyer conviction.
Key drivers behind the rally include **strong on-chain activity** and **market sentiment shifts**. Notably, the USDC Treasury minted $250 million worth of USDC on Ethereum in early August 12, signaling potential inflows into the ecosystem. Additionally, Ethena’s USDe supply surged to $9.3 billion, with much of it built on Ethereum, adding to demand for ETH through staking and yield activities. High trading volumes in ETH pairs on major platforms — including triple the futures volume compared to BTC on Binance — reflect renewed institutional and retail interest.
While short-term resistance may form near $4,500–$4,520, a daily close above this range could open the path toward $4,700. The current candle structure — with higher lows and strong close prices — indicates control remains with buyers. Keep an eye on continued spot strength and funding rates to assess sustainability.
