Ethereum Surges 56.76% in 30 Days, Breaks Key Resistance Levels

Ethereum has been making headlines with its recent price surge, rising by 56.76% over the past 30 days. This significant increase has led to a breakout from crucial resistance levels and patterns, indicating a strong bullish momentum. The price of Ethereum is currently at $2,626.74, marking a 4.45% intraday gain and a 43.01% increase over the past week. This upward trend has pushed ETH above its 200-day Exponential Moving Average (EMA) of $2,436, a key long-term support level, and is now testing the 50% Fibonacci retracement level close to $2,700.

Investor confidence in Ethereum is evident from the significant inflows into accumulation wallets, suggesting that long-term holders are bullish on the ETH price. Additionally, data from CoinGlass shows that Ethereum’s open interest in the derivatives market has surged by nearly 17% to reach an all-time high of $33.12 billion. This record open interest further underscores the growing interest and optimism among investors.

Looking ahead, Ethereum is targeting key resistance levels. The next significant hurdle is at $2,800, and if this level is breached, the psychological barrier of $3,000 could be within reach. The recent breakout from a falling channel pattern adds to the bullish outlook, as it indicates a shift in market sentiment towards Ethereum. The market capitalization of Ethereum has also risen to $316.95 billion, reflecting the overall positive sentiment and increased investment in the cryptocurrency.

According to the analyst's forecast, the next big move for Ethereum will depend on its ability to clear the pivotal resistance at $2,800. If successful, the $3,000 mark could be the next target, further solidifying Ethereum's position as a leading cryptocurrency. However, it is important to note that market conditions can change rapidly, and investors should remain cautious and monitor the market closely.