Ethereum’s recent rally has caught the attention of the cryptocurrency market, with the altcoin surging by 47% in just five days. This impressive performance has not only outpaced Bitcoin, which saw a 7.9% increase during the same period but has also sparked a bullish frenzy in the market. As a result, the Bitcoin Dominance dropped from 65.36% to 62.38% in just six days, indicating a significant shift towards altcoins. The overall altcoin market added a staggering $232 billion in value during this period, showcasing the strength of Ethereum’s rally.
One of the key drivers behind Ethereum’s surge is the upcoming Pectra upgrade, which has attracted a wide range of investors, including institutional players. However, this upgrade has also led to selling pressure, with whale deposits into centralized exchanges causing some volatility in the market.
Technical analysis of Ethereum’s price action reveals that the altcoin is nearing the 50% retracement level, signaling a potential breakout to the upside. The OBV (On-Balance Volume) indicator, which had been in a downtrend for most of the year, recently reversed course, indicating strong buying pressure. The CMF (Chaikin Money Flow) also supports this bullish thesis, with a reading of +0.25 suggesting heavy capital inflows into the market. Additionally, the MFY (Money Flow Index) is on the rise, indicating bullish momentum and capital flow.
Despite these positive indicators, traders should be cautious of a potential southward liquidity hunt, as highlighted by the liquidation map. High leverage long positions are vulnerable to liquidation, particularly in the $2.4k to $2.5k range. The 6-month liquidation heatmap further emphasizes the $2.9k region as a strong resistance zone, with a breakout beyond this level contingent on favorable Bitcoin and macroeconomic conditions.
In the short term, Ethereum may consolidate around the $2.7k zone before making a decisive move higher. Traders and investors should consider booking profits and preparing for a potential retracement, as whale selling activity has increased in recent days. Overall, Ethereum’s rally has injected renewed optimism into the market, but caution is advised as the altcoin navigates key resistance levels on its path to higher price targets.
Please note that the information presented in this article is based on the writer’s opinion and does not constitute financial, investment, trading, or other types of advice.
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Next: dogwifhat: Why a minor dip could precede a WIF move to $1.26 If you’re looking to update your home decor, there are many ways you can freshen up your space without breaking the bank. From simple DIY projects to budget-friendly shopping tips, there are plenty of options to give your home a new look without spending a fortune.
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