- Ethereum reaches a four-day high, trading at $2,484.46.
- A whale transaction of 29,732 ETH adds to market activity.
Ethereum is gaining momentum as it edges closer to the $2,500 mark, supported by the Shanghai upgrade. Currently trading at $2,484.46, Ethereum has experienced a 2.57% increase in the past 24 hours. The market capitalization has surged to $299.07 billion, while the 24-hour trading volume jumped by 52.73%, reaching $11.56 billion. The volume-to-market cap ratio stands at 3.86%, indicating sustained liquidity and market interest.
Ethereum’s recent proposal aims to enhance network efficiency by increasing throughput by 50%. This improvement addresses its scalability issues. Specifically, it refines how the network processes transactions. By boosting transaction speeds, Ethereum can cater to higher demand.
Additionally, this enhancement helps reduce congestion and fees. Analysts believe this development will play a significant role in supporting Ethereum’s long-term growth. Furthermore, more decentralized applications (dApps) and users will enter the ecosystem as a result.
Whale Moves and Bullish Signals for ETH
A whale transaction further highlights the market activity. Recently, 29,732 ETH (worth approximately $73 million) was transferred from an unknown wallet to Coinbase, as noted by Whale Alert. Such movements can trigger price shifts and raise speculation about future market direction.
From a technical standpoint, Ethereum’s indicators signal a bullish trend. The key $2,500 resistance level was tested, and current support is holding strong at $2,456, setting the stage for further upward movement. The 50-day moving average (MA) is currently at $2,522, which is the next resistance to watch. A close above this could confirm a more prolonged rally for Ethereum.
The Relative Strength Index (RSI) is currently at 50.67, reflecting neutral market conditions. This suggests that Ethereum is neither overbought nor oversold, leaving room for additional upward momentum. The average RSI stands at 46.97, confirming steady market sentiment. Furthermore, a recent moving average crossover between the 9-day and 21-day averages points to a bullish shift, indicating growing buying pressure.
Highlighted Crypto News
Ethereum’s Proposal Aims to Skyrocket Throughput by 50 Percent
