Ethereum (ETH), the second-largest cryptocurrency by market cap, is showing signs of a bullish trend on the daily time frame, indicating a potential for significant upward momentum. The recent shift in sentiment across the cryptocurrency market has seen ETH price move from a downward trend to an upward trajectory.
One notable event that caught the attention of crypto enthusiasts was a transaction involving the purchase of $5.92 million worth of ETH. A new wallet was created and withdrew 1,799 ETH from Binance, signaling a fresh acquisition and presenting a buying opportunity for investors.
As of January 15, 2025, ETH is trading around $3,460, marking an increase of over 8.2% in the past 24 hours. Investor participation has also seen a 15% jump compared to the previous day, indicating growing interest in the cryptocurrency.
Technical analysis suggests that ETH is back above a crucial support level and is on track to break out of a falling wedge pattern on the daily chart. If ETH manages to breach the $3,600 level and close a daily candle above it, there is a strong possibility of a 15% price surge towards the $4,000 level in the near future.
Despite the recent price increase, ETH’s Relative Strength Index (RSI) is still below the overbought zone, suggesting that there is room for further upside potential. This, coupled with upcoming political events and developments related to SEC cases, could fuel Ethereum’s price momentum in the coming days.
Overall, Ethereum’s technical outlook is positive, with the potential for significant gains in the near term. Investors and traders are closely monitoring the price action, looking for opportunities to capitalize on the cryptocurrency’s upward momentum.