Thu, November 21

Ethereum (ETH) Price Surges 10% to Three-Month High

Ethereum (ETH) Price Surges 10% to Three-Month High Editors News
  • Ethereum surges 10%, trading above $2,850 with a strong market cap.
  • DeFi rises 13.59%, while ETH/BTC gains 8.5%.

The global crypto market cap has climbed to $2.51 trillion, reflecting a 1.44% increase in the past day. Ethereum (ETH) has been a standout performer, surging over 10% in the last 24 hours and breaking above $2,850, marking a new three-month high. The overall trading volume in the crypto market has surged by 34.32% to reach $192.71 billion, with DeFi contributing $9.91 billion, or 5.14%, of this total. 

Ethereum’s price is currently $2,849.39, with its market cap rising by 13.37% to reach $343.12 billion. The ETH/BTC pair has also increased, exceeding the 0.038 mark with an 8.5% gain in 24 hours. Ethereum’s trading volume surged to $39.89 billion, reflecting a 40.43% increase and highlighting buying interest. Ethereum’s market cap ratio is currently at 11.73%, underscoring strong trading activity relative to its market cap.

Ethereum’s rally is also supported by increased interest in decentralized finance (DeFi), which has seen a 13.59% rise. Specific sectors, like Liquid Staking Derivatives Finance (LSDFi) and Layered Token Finance (LRTFi), surged by 22.71% and 15.26%, respectively, adding to the overall market momentum.

Ethereum spot ETFs have significantly driven this rally, with a total net inflow of $52.29 million. These ETFs allow institutional investors to gain exposure to Ethereum without directly holding the asset, boosting liquidity and supporting further price growth as interest in crypto ETFs expands.

Will Whales Drive an ETH Rally?

Whale activity has spiked as well, with two major ETH holders offloading a combined 33,701 ETH worth $89.72 million. An ICO whale, identified as “0xB8c,” transferred 25,000 ETH ($65.67 million) to Kraken at around $2,627, leaving a balance of 64,450 ETH.

Another whale, “0x0c1,” reappeared after 8.75 years, selling 8,701 ETH for $24.05 million USDC at $2,764, securing a profit of $30.48 million, a 689x return on investment. Additionally, a long-dormant wallet containing 12,001 ETH was activated, likely aiming to capitalize on substantial gains from an initial purchase price of $8.58 per ETH.

Technical indicators suggest a strong uptrend. The Relative Strength Index (RSI) is at 83.06, indicating overbought conditions. The moving averages signal bullish momentum, with a recent crossover as the 9-day MA rose above the 21-day MA. Key support lies around $2,663, while resistance is near $2,900. A break above this level could push ETH to the $3,000 mark, backed by sustained buying pressure and institutional inflows.

Budding crypto writer with a keen interest in providing fresh insights and the latest updates in the crypto space. Enthusiastic about translating complex crypto concepts into clear, actionable information for readers.