Ethereum

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum has seen a significant 29% surge over the past week, reaching a three-month high.</li>
 <li>The recent rally in Ethereum is driven by both long-term holders and short-term traders.</li>
</ul>
<p>Ethereum (ETH) has experienced a significant surge in the past week, with a 29% climb to a three-month high of $3,184. This upward momentum has the cryptocurrency on the cusp of hitting its year-to-date (YTD) high.</p>
<h2 id="factors-behind-ethereum-s-surge">Factors Behind Ethereum’s Surge</h2>
<p>This rally has been driven by an increase in the average holding time, suggesting a rise in long-term holders’ participation. This trend could indicate a strong foundation for further gains. The simultaneous increase in holding time and price suggests a rally backed by strong market sentiment and reduced selling pressure.</p>
<p>Short-term traders have also contributed to Ethereum’s price surge, with around 3.6 million addresses holding for less than a month. This increase in speculative activity suggests a potential short-term rally.</p>
<h2 id="possibility-of-an-ethereum-ath">Possibility of an Ethereum ATH</h2>
<p>Ethereum’s price surge has pushed the RSI to 77.45, indicating overbought conditions which may prompt a short-term correction. However, if Ethereum breaks above its current level of $3,348, it could move toward the YTD high.</p>
<p>The rally is also fueled by strong market sentiment and increased institutional interest. Institutions add liquidity and stability, strengthening Ethereum’s long-term outlook and reducing volatility.</p>
<p>However, if the RSI remains overbought, a shift in sentiment could trigger a pullback. If institutional confidence remains high, Ethereum may hold its gains and approach a new ATH. This ongoing institutional support could be pivotal in sustaining the current rally.</p>

Ethereum Flirts with Year-To-Date Peak after Impressive 29% Jump – All-Time High in Sight?

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CoinEagle.com

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