Ethereum

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-experiences-significant-price-surge/" data-wpel-link="internal">Ethereum Experiences Significant Price Surge</a> 
The largest altcoin Ethereum (ETH) made an impressive 25% rise last week, pushing its price up to $3,900. As the market anticipates an altcoin season, ETH is on the verge of surpassing the $4,000 threshold this week. Starting the week with a 2.16% rise, the altcoin king supports the possibility of a continued uptrend with a 70% increase in intraday trading volume. 
<h2 style="text-align: justify" id="strong-reflections-from-ethereum-s-price-chart-strong">Reflections from Ethereum’s Price Chart</h2> 
The upward trend observed over the last 15 days, corresponding to a 35% rise, negatively impacted the short-term pullback phase. ETH‘s price is approaching a significant breakout point, and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are closely watching to see if this momentum will reach an all-time high. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-356163" src="https://coin-turk.com/wp-content/uploads/2024/05/Altcoin-ETH-Ethereum-Analiz.png" alt="" width="1600" height="796"> 
The upward trend in ETH’s price chart starting from $2,850 resulted in a falling wedge formation breakout, creating a rounding bottom formation. The critical neckline at $4,000 indicates a potential breakout rally. In the last 72 hours, ETH rose by 5%, forming a three white soldiers pattern, indicating strong upward momentum. 
MACD indicator shows an upward trend, despite a small pause as the histogram falls. The RSI line flattened near the overbought region, indicating some consolidation below $3,900. Nevertheless, the week’s initial rise suggests a positive outlook for the coming week, aiming to reclaim the $4,000 level. 
<h2 style="text-align: justify" id="strong-network-activity-and-open-interest-increase-strong">Network Activity and Open Interest Increase</h2> 
Ethereum’s network activity significantly increased over the past week. The total number of ETH transfers rose by 72.45%, while active wallet addresses increased by 3.58%, indicating higher network participation. Transactions also increased by 3.84%, reaching 1.13 million, demonstrating strong network performance and engagement. 
Moreover, Ethereum’s open interest rose by 6.84% in the last 24 hours to $13.17 billion, facing a 51.06% increase on a weekly basis. The positive funding rate of 0.01641022 indicates a bullish trend, with traders willing to pay premiums. Additionally, net flow data to <a href="https://en.coin-turk.com/coinchecks-nasdaq-listing-strategy-from-japan/" data-wpel-link="internal">cryptocurrency exchanges</a> showed a significant 1087.48% drop in the last 24 hours, indicating lower net deposits compared to the 7-day average. 
The current uptrend and positive market sentiment point to a rise for ETH in the coming week. On-chain indicators and technical analyses support the likelihood of ETH surpassing the psychological level of $4,000. If this happens, Ethereum could target $4,698 based on Fibonacci retracement levels. Additionally, any <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">news</a> regarding spot Ethereum ETF listings could push ETH to the 1.618 Fibonacci level, corresponding to $5,841. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-experiences-significant-price-surge/" data-wpel-link="internal">Ethereum Experiences Significant Price Surge</a></h5>

Ethereum Experiences Significant Price Surge

Table of Contents

COINTURK NEWS

Other articles published on May 27, 2024

Ethereum (ETH) Set for Growth: Key Technical Indicators and On-Chain Insights

Crypto Lawyer Predicts Trump Election Victory Could Shift SEC Stance on Crypto Cases

Dogecoin’s Market Movements, Microsoft’s Crypto Payments, and BlockDAG’s $33.5 Million Layer 1 Bl...

Is Parallel EVM the Solution for Ethereum Scaling?

Bitcoin Stalls Below $72,000: Is This The Weakest BTC Bull Run In 15 Years?

How To Trade The Ethereum Rally: 10x Research

Join our free newsletter for daily crypto updates!