- Ethereum’s trading volume surged by 79.30% to $28.21 billion, sparking speculation about potential upward price movements.
- On-chain metrics show mixed signals, but bulls hold a slight edge according to the Long/Short Ratio.
Ethereum has garnered attention recently due to two key market trends: the movement of large holdings and a substantial rise in trading volume. An ICO participant who had remained inactive for over two years transferred 3,510 ETH, worth $9.12 million, into Kraken. This transaction marks a renewed focus from larger holders, signaling their potential interest in Ethereum’s market direction.
At the current price of $2,656.39, Ethereum has risen by 3.02%. One notable trend is the sharp 79.30% increase in trading volume, which now stands at $28.21 billion. Volume surges like this often suggest increased trading activity, though sustained price movement depends on follow-through buying.
If buyers remain active, Ethereum could see further gains, but hesitation in the market may lead to volatility tapering off.
On-chain indicators show a combination of neutral and positive signals
Ethereum’s Net Network Growth is largely unchanged, with a rate of 0.19%, indicating stable user activity. Meanwhile, 11.21% of Ethereum holders are currently in profit, based on the “In the Money” metric, which can reduce immediate selling pressure. Whale transactions and accumulation patterns remain steady, with no large shifts observed in recent days.
The Long/Short Ratio reveals that 52.28% of traders are holding long positions, indicating a slight majority betting on Ethereum’s price rise, compared to 47.72% shorting the asset. This marginal advantage suggests market participants are leaning toward an upward trend, though it remains fragile and depends on broader market conditions.
The current price of Ethereum (ETH) is $2,617.78, with a 0.19% increase in the past hours. The day’s range is between $2,614.22 and $2,647.91, and the 24-hour trading volume is $19.30 billion USD. Over the past year, Ethereum’s price has fluctuated between $1,523.24 and $4,092.28.
