ETH Price Analysis: Multiple Indicators Point to Extended Rally

TLDR

Ethereum surged over 10% recently, breaking above $3,300
Whale accumulation and reduced selling pressure indicate bullish momentum
Daily transactions increased from 1.1M to 1.22M in three months
Trading volumes soared 61% to $45.19 billion
Technical indicators suggest potential further upside with $3,550 as next target

Ethereum’s price has surged above $3,300, marking a 10% increase in recent trading sessions, supported by growing network activity and increased institutional interest. The second-largest cryptocurrency by market capitalization is showing multiple signs of strength across various metrics.
The latest price action comes as daily transactions on the Ethereum network have increased from 1.1 million to 1.22 million over the past three months. This uptick in network usage suggests growing adoption and utility of the blockchain platform.
Large wallet holders, commonly known as whales, have been steadily accumulating Ethereum, as shown by on-chain data. These accumulation patterns typically indicate reduced selling pressure in the market, as long-term holders maintain their positions.
Trading volumes have experienced a substantial increase, rising 61% to reach $45.19 billion. This surge in trading activity demonstrates heightened market participation and growing interest from both retail and institutional investors.
The futures market is showing signs of optimism, with open interest climbing 13%. This increase suggests traders are taking more long positions, reflecting positive sentiment about Ethereum’s price trajectory.
Technical analysis reveals a forming bullish pattern, with the price maintaining position above both the $3,250 level and the 100-hourly Simple Moving Average. This technical structure often precedes further upward movement.
Ethereum Price on CoinGecko
Market data indicates strong support near the $3,250 zone, with resistance levels established around $3,420. The price action suggests potential for additional gains if these resistance levels are cleared.
New Ethereum addresses, while showing growth, remain below previous bull market levels. This metric is likely influenced by the increasing adoption of Layer 2 solutions, particularly Base, which continues to use Ethereum as its settlement layer.
Short-term investor activity has increased notably, with many traders taking positions in anticipation of further price appreciation. The balance between short-term trading and long-term holding appears to be favoring price stability.
Exchange outflows have been consistent, indicating that investors are moving their holdings to private wallets for longer-term storage. This behavior typically suggests a reduction in immediate selling pressure.
The current price movement has established several minor resistance points, with $3,385 serving as an immediate hurdle. Breaking above this level could open the path toward the $3,550 mark.
Support levels have formed at $3,300 and $3,250, providing a foundation for the recent price action. These levels are being closely watched by traders as potential entry points for new positions.
Network metrics continue to show healthy growth, with gas fees remaining relatively stable despite increased transaction volume. This stability suggests efficient network utilization and mature market dynamics.
The hourly chart shows a contracting triangle formation with resistance at $3,360, suggesting a potential breakout point for the next price movement. This technical pattern is being closely monitored by market participants.
As of the latest market data, Ethereum is trading at $3,376.69, representing an 8.51% increase over the past 24 hours and a 9.88% gain over the past week.
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