Ethereum

bullish

2024

Bitcoin

<ul class="wp-block-list">
 <li><strong>Ethereum rallies, nearing $4K with bullish technical and on-chain signals.</strong></li>
 <li><strong>Futures open interest hits record, reflecting strong trader participation.</strong></li>
</ul>
<p>Ethereum, the second-largest cryptocurrency by market capitalization, <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">surged</a> to a five-month high of $3,687 before experiencing a slight correction. The token is trading at $3,620, reflecting a 7% increase over the past 24 hours and an 8% spike in trading volume during the same period. Over the past month, Ethereum has climbed 38%, leaving it just 26% shy of its all-time high.</p>
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<p>The latest rally came after Ethereum broke through key <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener noreferrer nofollow">resistance</a> levels at $3,350 and $3,400, aided by bullish momentum that propelled the price to $3,688. Technical analysis shows ETH is now trading above the $3,550 support level and the 100-hourly Simple Moving Average. While facing resistance around $3,650 and $3,720, a breakout above these levels could push Ethereum towards the $4,000 mark.</p>
<p>Meanwhile, conversely, failure to maintain <a href="https://thenewscrypto.com/stellar-xlm-rally-shows-signs-of-exhaustion-as-market-interest-wanes/" target="_blank" rel="noopener noreferrer nofollow">momentum</a> could see the price dip to support levels near $3,550, with a potential drop to $3,250 if bearish trends intensify. Despite these risks, technical indicators remain optimistic. Ethereum’s Relative Strength Index (RSI) is below 70 on the daily timeframe, suggesting room for further growth.</p>
<h3 class="wp-block-heading" id="h-eth-can-hit-4000-analysts">ETH Can Hit $4000: Analysts</h3>
<p>In addition to technical signals, on-chain metrics hint at further bullish possibilities. Ethereum futures open interest recently hit an all-time high of $21.22 billion, surpassing previous peaks in May 2024 and November 2021. While rising open interest indicates strong trader participation, it also underscores heightened market volatility, as increased short positions could signal looming sell pressure.</p>
<p>Another bullish factor is the dip in <a href="https://thenewscrypto.com/president-trump-assembling-a-bitcoin-army-says-lummis/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> dominance, which fell from 61.53% last week to 59.01%. This trend could redirect liquidity into Ethereum, fuelling its upward trajectory.</p>
<p>With robust whale activity and a surge in large-holder inflows, Ethereum appears poised for a potential rally, with analysts predicting a climb to $4,000 and beyond if the current momentum persists.</p>

Are ETH Bulls Back on Track to Hit $4K?

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