Ethereum On-Chain Volume Surges to $12.93 Billion Amid Market Momentum
Ethereum Price Overview
- ETH is trading above $4,400 after reaching a recent high of $4,792.
- Driven by strong institutional interest and decreasing supply on exchanges.
- On-chain volume has surged to $12.93 billion, indicating increased transaction flows.
- Potential for profit-taking and speculative rotations could cause market volatility.
Market Dynamics
- Historical spikes in on-chain volume often correlate with major market turning points.
- Current market conditions suggest the possibility of an altseason, with Ethereum leading.
- Institutional accumulation indicated by shrinking exchange balances and OTC reserves.
Weekly Chart Insights
- ETH's weekly chart shows a strong bullish breakout and consistent buying momentum.
- Resistance remains at the $4,800–$5,000 range, aligned with the 2021 all-time high.
- Targets may reach between $5,500 and $6,000 if upward momentum continues.
- Support levels identified between $4,200 and $4,300 are crucial for maintaining bullish structure.
