Ethereum Surpasses Bitcoin with $111 Billion in Contract Trading Volume
Ethereum (ETH) has closed above the $2,700 resistance level, currently trading at approximately $2,794 with a 5% increase in the last 24 hours. Key points include:
- 24-hour trading volume surged over 40% to $33.67 billion.
- ETH contract trading volume surpassed $111 billion, exceeding Bitcoin's $87.5 billion.
- Liquidation volume for ETH reached $131 million, indicating heightened leveraged trading.
- A new all-time high of 17.4 million unique addresses on the Ethereum network was recorded.
- Whale activity includes a withdrawal of 13,037 ETH ($35.5 million) from Binance and 44,612 ETH ($123 million) by Abraxas Capital from both Binance and Kraken.
Price Outlook
The daily chart shows ETH has broken above its upper Bollinger Band, indicating strong upward momentum. The RSI is at 65.25, not yet signaling exhaustion. Immediate resistance levels are at $2,835 and $3,000, while support is at $2,585 near the 20-day SMA.
Popular trader Merlijn anticipates further price increases, suggesting potential targets of $4,000 and even $10,000 in the long term.