Ethereum (ETH) has mounted a strong recovery over the past 24 hours, climbing 3.8% amid notable market volatility. After dipping to a recent low of $2,513, the world’s second-largest cryptocurrency found firm support around $2,530, where heavy trading volume of 242,521 ETH helped form a clear bottoming pattern.
This solid foundation was followed by a decisive breakout in early trading, propelled by massive volume spikes exceeding 550,000 ETH. These surges pushed Ethereum’s price above key resistance levels, signaling a short-term trend reversal. ETH is now trading above $2,575, having established fresh local highs.
Institutional demand remains strong, as reflected by recent inflows totaling $248 million into spot Ethereum ETFs over the past week. This suggests growing confidence from larger investors, even as retail participation remains relatively muted.
Analysts highlight the $2,800 level as a critical resistance point, where many early investors may look to exit near break-even. However, with ETH breaking out from its recent consolidation and the broader crypto market showing resilience, bulls are now eyeing the $2,650 to $2,745 range as the next significant hurdle.
Technical Breakdown:
- A strong bottoming pattern emerged around 01:00, supported by a high trading volume of 242,521 ETH, reinforcing a solid support base.
- Between 06:00 and 07:00, Ethereum experienced a decisive breakout with volume surges of 553,348 ETH and 221,502 ETH, respectively.
- The price action unfolded in three phases: an initial consolidation (07:04–07:29), a sharp breakout with volume spikes exceeding 7,000 ETH per minute (07:30–07:32), and a sustained upward trend.
- The $2,600 mark has now become a new support level, with momentum indicators pointing to potential gains toward $2,650.
- The high-volume support at $2,530 acts as a crucial floor for any potential pullbacks.
Ethereum’s recent price strength and robust institutional backing indicate renewed optimism, setting the stage for further upside momentum amid ongoing market fluctuations.
