- Ethereum (ETH) price rises 25% in a week, nearing $4,000 resistance.
- Ethereum’s trading volume surges 70%, indicating a potential continued price increase.
- Ethereum network activity spikes with a 72.45% increase in token transfers.
The price of Ethereum
At the start of the week, Ethereum saw a 2.16% rise, supported by a substantial 70% boost in trading volume within a single day, which suggests a continued upward trend. The positive price movement over the last 15 days, accounting for a 35% rise, has eclipsed any short-lived downward trends.
Ethereum Price Performance Analysis
The positive shift in Ethereum’s price began from the $2,850 mark, leading to a breakout from a falling wedge pattern and the creation of a rounding bottom formation. With the $4,000 level acting as the neckline of this pattern, the cryptocurrency is preparing for a potential rally.
The upward momentum is ongoing, with the ETH price increasing by 5% in the past 72 hours, which may result in the formation of a triple white soldier pattern today. With the price now firmly above the $3,900 level, the likelihood of a surge past the significant $4,000 mark has greatly improved.
As the decreasing histograms demonstrate, the positive intersection of the MACD and its signal line suggests a temporary halt. Additionally, the daily RSI has leveled off close to the upper limit of its range, suggesting a short period of price stabilization below the $3,900 level.
Significant Increase in Network Activity and Open Interest
There has been a significant uptick in activity on the Ethereum network in the previous week. The volume of ETH token transfers has soared by 72.45%, and the count of active addresses has risen by 3.58%, indicating increased user engagement with the network.
The number of transactions has also risen by 3.84%, reaching a total of 1,138,780. This sharp increase in network activity highlights the strong performance of Ethereum and a rise in user interaction with the network.
Open interest for Ethereum has increased sharply to $13.17 billion, a 6.84% rise within a single day and an impressive 51.06% growth over the past week. Additionally, the current positive funding rate of 0.01641022 suggests that the market sentiment is bullish, with buyers willing to pay a premium to maintain their positions.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
