Ethereum Breaks Records with $80B in Trading Volume in 24 Hours

Ethereum's trading volume reached $80 billion in 24 hours, with $291.6 billion in open interest in ETH derivatives. The cryptocurrency rebounded from $4,280 to $4,800 and reinforced strong buyer interest. However, technical resistance is present in the $4,500-$4,800 range, and support levels are at $3,620 and $3,000. The market pivot will depend on sustained high volumes, leveraged participation, and the $4,500-$5,000 resistance area.

Ethereum has seen an unprecedented surge in trading volume, reaching $80 billion in just 24 hours, according to recent reports. This remarkable activity is accompanied by a substantial $291.6 billion in open interest in ETH derivatives, indicating a strong interest in the cryptocurrency's derivatives market [1].

Ethereum's price action has been notable, with the cryptocurrency rebounding from $4,280 to $4,800, reinforcing strong buyer interest. This recovery is part of a healthy uptrend where retracements are absorbed before new price legs rise. The high spot volume during this recovery suggests that demand is coming from both organic accumulation and speculation [1].

Technically, the $4,500-$4,800 range is where the most resistance is focused. A breakout above this range could trigger a new wave of speculative inflows and lead Ethereum toward the psychological milestone of $5,000. However, if selling picks up speed, deeper support can be found near $3,620 and $3,000, while immediate support is located around $4,080 (20-day moving average) [1].

The U.S. government's crypto holdings, which include Ethereum, have also been in the spotlight. Recent transfers have raised U.S. wallets to approximately $281 million in ETH. Ethereum has shown a significant price recovery, rising by just over 3% in the past 24 hours and about 17% month-to-date, according to CoinGecko data [2].

The market pivot for Ethereum will depend on sustained high volumes, leveraged participation, and the $4,500-$5,000 resistance area. Investors should keep a close eye on these factors to gauge the cryptocurrency's future performance.

References:

[1] https://u.today/80000000000-in-ethereum-in-24-hours-this-wave-is-enormous
[2] https://en.coinotag.com/u-s-holds-23-4b-in-crypto-including-bitcoin-ethereum-may-continue-price-recovery/