Ethereum Reaches $2,739 as $1.2 Billion Withdrawn from Exchanges
Ethereum Price Update
Ethereum has surged past the $2,739 mark, achieving prices not seen since February. This rally indicates a strong recovery after earlier challenges.
- Ethereum's recent performance suggests bulls are in control as the broader crypto market shows signs of life.
- Analysts anticipate an altseason driven by Ethereum's strength against Bitcoin.
- $1.2 billion worth of ETH was withdrawn from centralized exchanges in the last week, indicating significant accumulation and reduced sell-side pressure.
- Key resistance levels to watch are between $2,900 and $3,100.
Technical Analysis
Ethereum is currently trading around $2,599.14, having broken above critical indicators like the 200-week EMA ($2,259.65) and SMA ($2,451.55).
- The breakout candle represents one of the largest weekly gains in over a year.
- Volume has increased significantly, confirming the rally's strength.
- Resistance is noted near the $2,800–$2,900 range.
- Support is crucial at $2,450; failure to hold could lead to a retest of $2,250.
The trend remains bullish; however, follow-through in the coming week will be vital for sustaining momentum.