Ethereum (ETH), the second-largest cryptocurrency in the world by market cap, is showing signs of significant upside momentum as it forms a bullish price action pattern on the daily time frame. The recent shift in sentiment across the cryptocurrency market has seen ETH transition from a period of downside momentum to one of upside potential.
In a surprising turn of events, ETH experienced a notable price surge in just six hours, moving from $3,190 to $3,445. This sudden uptick in price caught the attention of crypto enthusiasts and led to substantial accumulation of the asset. Notably, a new wallet was observed withdrawing 1,799 ETH valued at $5.92 million from Binance, signaling a fresh acquisition and offering an attractive buying opportunity.
As of January 15, 2025, ETH is trading around $3,460, marking an impressive 8.2% increase over the past 24 hours. This surge in price can be attributed to recent accumulation, upcoming political events, and the SEC’s plans regarding pending cases. Additionally, trader and investor participation has risen by 15% compared to the previous day, indicating increased interest in the asset.
Technical analysis suggests that ETH has reclaimed a crucial support level and is on track to breach a falling wedge pattern on its daily chart. If ETH manages to close a daily candle above the $3,600 level, there is a strong possibility that it could surge by 15% to reach $4,000 in the near future. Furthermore, the Relative Strength Index (RSI) for ETH is still below the overbought zone, suggesting that the asset has room to continue its upward trajectory.
Overall, the recent price action and accumulation in ETH point towards a promising outlook for the cryptocurrency. With positive momentum building and key levels being breached, ETH could be gearing up for a significant rally in the coming days. Investors and traders are advised to monitor the price movements closely and consider potential buying opportunities as ETH continues on its upward trajectory.