The
Ethereum price has been on a bullish trajectory since breaking the $2,497 resistance, now targeting the $2,650 mark. Analysts speculate that
Ether price could soar to its yearly high of $4,000 if it overcomes significant selling pressure.
Optimistic projections even see
ETH coin reaching $5,450 in the medium term, provided it holds support above $3,000 and breaks critical resistance levels.
Recent ETH news highlights a mixed market sentiment. A long consolidation period has amplified selling pressure as investors capitalize on profits. Over the past 24 hours, $54.48 million in liquidations occurred, with long positions accounting for $37.81 million.
Additionally, ETH ETFs saw their first net outflows since November 4, totaling $3.2 million. Despite this, robust trading volumes of $1.63 billion underscore sustained market activity.
On-chain data reveals a tug-of-war between accumulation and selling. While $1 billion worth of ETH left exchanges last week, signaling strong accumulation, $430 million returned in the past 24 hours, possibly heightening selling pressure.
A decline in network activity, with total fees dropping from 5.65K ETH to 3.88K ETH, further complicates the outlook.
For traders eyeing Ethereum price today, breaking resistance at $2,650 could solidify a bullish trend, potentially pushing toward a new ETH all-time high.