- Ethereum has sharply surged in the last 24 hours.
- The yearly inflation rate of the ETH coin was very low (0.07%).
Ethereum (ETH) is the second-largest cryptocurrency in the global crypto market at the time of writing. It has a market cap of $303.169 Billion, which resulted in a market cap dominance of 14.70%.
The ETH price has advanced by 599000% from its all-time low price of $0.4209, formed nine years ago. Additionally, the token price was down by 48% from its all-time high price of $4,891.
At press time, the Ethereum token had 345.85M holders and recorded a consistent surge in holding addresses. This showed a rise in holder confidence as 74% of total holders have held it for more than 1 year.
ETH’s market cap advanced by 2.1% in the last 24 hours. The coin’s traded volume value was $14.257 Billion, resulting in a volume/market cap ratio of 4.69%.
Derivatives in Support of Sellers: Who Will Lead the Price?
The derivatives trading volume of the Ethereum coin advanced by 120% in the last 24 hours to $25.06 Billion. The options volume of the token also advanced by 250%, which showed strong engagement of traders in the coin.
The coin further witnessed higher long liquidation in the last 24 hours ($31.79 Million). The short liquidation for the token further was worth $11.73 Million, reflecting the sellers’ dominance.
Additionally, the token recorded a surge in the number of open positions, followed by an increase of 1.9%. This resulted in an open interest value of $10.67 Billion.
Will ETH Price Reach Higher Levels From the Support?
The Ethereum price was trading in a strong downtrend over the last few days. This happened as the price declined by 30% from its most recent swing high. It then hit the higher band of the falling wedge.
At press time, ETH hit the lower band of the falling wedge pattern. A strong bullish candle was also formed at lower levels, which showed buyers’ entry into the coin.
Suppose the ETH price gains momentum, breaks the falling wedge pattern, and sustains itself above the same. If this happens, the trend might turn bullish. Also, a most recent swing high of $2800 can be seen.
Suppose the price breaks above the same; a rally to the upper band might also be witnessed. This could be an excellent opportunity to grab the coin for short-term price momentum.
What do the Technical Indicators Show About ETH Coin?
The 50-day and the 200-day EMAs have traded in a death cross. The price declined below the following EMAs and was traded below the same.
ETH/USD Chart by TradingView
MACD and the signal line overlapped while the following metrics traded in the negative trajectory. The RSI also took resistance at the 50 level and declined below the 14-day SMA.
The ETH price might take support at $1535 and $2110. It was followed by the resistance levels of $3560 and $3970.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.