ETH Price Surges Past $3,600: Ethereum (ETH) Shows Strength in Latest Market Move

TLDR

• Ethereum surged over 10% in 24 hours, outpacing Bitcoin’s 4.4% gain
• Trading volume reached $47.87 billion with Binance, Digifinex, and Bybit leading
• ETH is trading around $3,647, still about 25% below its all-time high of $4.8K
• $56.5 million in liquidations occurred, with $47.73 million from short positions
• Technical indicators show bullish momentum with support above $3,250

Ethereum has recorded a strong upward movement in the past 24 hours, posting a 10.66% gain and reaching $3,647. The surge comes as the broader cryptocurrency market shows renewed strength, with Bitcoin also gaining 4.4% during the same period.

Trading volume for Ethereum has reached remarkable levels, with $47.87 billion in transactions recorded across major exchanges. Binance, Digifinex, and Bybit have emerged as the primary platforms facilitating this increased trading activity.

The price movement has triggered a series of liquidations in the derivatives market, with $56.5 million worth of positions being cleared. Short sellers were particularly affected, accounting for $47.73 million of the total liquidations.

Tether (USDT) has emerged as the dominant trading pair for Ethereum during this rally. Following USDT, the U.S. dollar, FDUSD, USDC, Bitcoin, the Korean won, and the euro have all shown notable trading volumes against ETH.

Technical analysis indicates strong support levels forming above $3,250, with the price maintaining position above both the $3,500 mark and the 100-hour Simple Moving Average. A bullish trend line has developed, breaking through previous resistance at $3,375.

The market structure shows multiple support levels, with the first major support positioned near $3,585. Additional support can be found at $3,550, providing a foundation for potential future price movements.

On the resistance side, the price faces immediate hurdles near $3,650, with major resistance forming at $3,685. The $3,720 level represents another key resistance point that traders are watching closely.

The hourly MACD indicator displays momentum in the bullish zone, while the RSI remains above the 50 mark, suggesting continued strength in the current trend. These technical indicators align with the overall positive price action.

Looking at year-to-date performance, Bitcoin has outpaced Ethereum by nearly three times in 2024. However, Ethereum typically shows stronger performance during periods when Bitcoin’s momentum slows, as demonstrated in the current market conditions.

The cryptocurrency’s current price point at $3,647 places it approximately 24.8% below its all-time high of $4,800, which was established in 2021. This gap represents potential room for growth while also serving as a reminder of previous price levels.

The Altcoin Season Index (ASI) from Blockchaincenter.net currently registers a score of 65 out of 100. The index approaches the threshold of 75, which traditionally signals the beginning of an “altcoin season.”

Market data shows the formation of multiple support zones, with the 23.6% Fibonacci retracement level of the recent upward movement from $3,254 to $3,688 holding steady. This technical pattern suggests sustained buying pressure.

Should Ethereum maintain its trajectory above $3,685, the next target for bulls appears to be the $3,840 level. A breakthrough above this point could open the path toward the $3,950 resistance zone.

Conversely, if the price fails to hold above current levels, support at $3,550 could be tested. Below this, the 50% Fibonacci retracement level at $3,470 might come into play.

Trading pairs across major exchanges show increased activity, with spot markets demonstrating strong volume across multiple currency pairs. This broad-based trading activity suggests widespread participation in the current price movement.

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