Ethereum

Rally

bullish

Percent

<ul class="wp-block-list">
 <li>Ethereum reaches a four-day high, trading at $2,484.46.</li>
 <li>A whale transaction of 29,732 ETH adds to market activity.</li>
</ul>
Ethereum is gaining momentum as it edges closer to the $2,500 mark, <a href="https://x.com/CryptoniteUae/status/1843175321329352867" target="_blank" rel="noopener noreferrer nofollow">supported</a> 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 <a href="https://thenewscrypto.com/ethereums-proposal-aims-to-skyrocket-throughput-by-50-percent/" target="_blank" rel="noopener noreferrer nofollow">improvement</a> addresses its scalability issues. Specifically, it refines how the network processes transactions. By boosting transaction speeds, Ethereum can cater to higher demand.&nbsp;
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.
<h3 class="wp-block-heading" id="h-whale-moves-and-bullish-signals-for-eth">Whale Moves and Bullish Signals for ETH</h3>
A whale <a href="https://x.com/whale_alert/status/1843176293044506855" target="_blank" rel="noopener noreferrer nofollow">transaction</a> 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 <a href="https://thenewscrypto.com/is-ethereum-poised-to-lead-a-bullish-rebound-amid-market-challenges/" target="_blank" rel="noopener noreferrer nofollow">bullish</a> 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.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="481" src="https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSD_2024-10-07_15-05-26-1024x481.png" alt="" class="wp-image-110105" srcset="https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSD_2024-10-07_15-05-26-1024x481.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSD_2024-10-07_15-05-26-300x141.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSD_2024-10-07_15-05-26-768x360.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSD_2024-10-07_15-05-26.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><a href="https://www.tradingview.com/chart/xTeB2FRP/?symbol=CRYPTO%3AETHUSD" rel="noopener noreferrer nofollow">ETH price chart (Source:&nbsp;TradingView)</a>
 </figcaption>
 </figure>
</div>
The Relative Strength Index (RSI) is<a href="https://www.tradingview.com/chart/xTeB2FRP/?symbol=CRYPTO%3AETHUSD" target="_blank" rel="noopener noreferrer nofollow"> currently</a> 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 <a href="https://thenewscrypto.com/ethereums-proposal-aims-to-skyrocket-throughput-by-50-percent/" target="_blank" rel="noopener noreferrer nofollow">Ethereum’s Proposal Aims to Skyrocket Throughput by 50 Percent</a>

Ethereum’s Rally Pushes It to a Four-Day High

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