$ETH
๐ **Ethereum Market Update โ May 9, 2025** ๐
Ethereum is on fire today, surging **20% in the last 24 hours** to hit **$2,331**, marking its **biggest one-day gain of the year**. This explosive move was fueled by **short liquidations**, with over **$265 million** wiped out, removing downward pressure and accelerating the price rally.
๐ **Key Levels to Watch:**
- **Immediate Resistance:** $2,386 โ A breakout above this could push ETH toward **$2,550**.
- **Immediate Support:** $2,232 โ Holding above this level could reinforce bullish momentum.
๐ **Market Sentiment:**
Momentum indicators remain **bullish**, with Ethereum breaking out of its **rising channel** that had contained price action since mid-April. The **50-period EMA at $1,907** acted as a strong foundation for this move, aligning with the lower boundary of the channel.
๐ก **Whatโs Next?**
If Ethereum secures a **daily close above $2,386**, we could see a push toward **$2,550**, potentially setting the stage for a broader rally. However, the **MACD is in overbought territory**, suggesting a possible **pullback** before further upside.
Are we witnessing Ethereumโs next **major breakout**? Stay tuned! ๐ฅ๐ฐ
