Ethereum Surges Past $3,200 Despite Fed Hawkishness

Ethereum (ETH) has demonstrated remarkable resilience in the face of recent Federal Reserve hawkishness, surging past the $3,200 resistance level. This price action comes as the network experiences a significant increase in on-chain activity, with active Ethereum addresses growing by 37% in recent months.

The second-largest cryptocurrency by market capitalization has shown remarkable strength, posting a 5% gain in a single day and breaking through the $3,200 price level. This move has brought Ethereum within 33% of its previous all-time high, capturing the attention of both retail and institutional investors.

Market analysts have taken note of Ethereum's performance amidst broader market pressures. Elite, a market analyst, highlighted Ethereum's resilience despite the Fed's hawkish signals, pointing to the surge in on-chain activity as a supporting factor for the price movement. "Despite the Fed's hawkish signals yesterday, ETH broke past the $3,200 mark, showing impressive resilience," Elite noted.

Technical analysis from WorldofCharts identifies a developing bullish pennant pattern in Ethereum's price structure. This formation, characterized by a period of consolidation within a narrowing range, often precedes continued upward movement when broken to the upside. The $4,000 price level has emerged as a key target for traders and analysts watching the market, representing a major resistance area that, if breached, could open the path to new price discovery phases for the asset.

Trading data shows increasing volume accompanying the recent price movements, lending additional credibility to the upward trend. This combination of price action and volume growth often indicates sustainable market movements rather than temporary price spikes. Market strategist Ted has observed the formation of higher lows on longer timeframes, which traditionally signals building bullish momentum. "Ethereum is forming higher lows on the longer timeframe. $4K remains the most crucial level, and the reclaim of that will send ETH to new ATH," Ted stated in a recent market analysis.

On-chain metrics reveal a strong support zone between $2,230 and $2,610, where approximately 11.99 million wallets currently hold 62.27 million ETH. This concentration of holdings could provide a sturdy price floor should any market retracement occur.

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