Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour
Ethereum surged over 10% yesterday, marking an impressive recovery and a very bullish day for the entire cryptocurrency market. The surge has reignited investor optimism, especially as Ethereum approaches yearly highs.
Key data from CryptoQuant highlights a major bullish signal: Ethereum’s Taker buying volume hit a staggering $1.683 billion in the one-hour candle. The indicator reflects active buying activity in the futures market, further supporting the potential for Ethereum to continue its upward momentum.
The impetus for the growing demand for Ethereum appears to be stemming from profits recycled from Bitcoin. As Bitcoin continues to break new all-time highs, investors are reallocating gains into ETH, pushing its price higher. Ethereum’s ability to capitalize on Bitcoin’s momentum underscores its status as the second-largest cryptocurrency and a key player in broader market trends.
However, The next few days will be crucial for Ethereum as it approaches yearly highs. A strong break above these levels could propel ETH into a new uptrend, further strengthening its bullish narrative.
Ethereum Bull Market Awakens
After eight months of bearish price action, Ethereum bulls are finally showing signs of life, with prices surging more than 40% since November 5. This strong upward momentum is in line with the broader market rebound, fueling optimism that Ethereum’s recovery is just beginning. The resurgence of bullish sentiment has made Ethereum a key focus for investors looking for opportunities in the current market environment.
According to data from CryptoQuant analyst MaartunnEthereum taker buying volume recently reached $1.683 billion in hourly candles, highlighting the huge demand and high-volume transaction participation.
This aggressive buying activity is a bullish sign of growing confidence in Ethereum’s potential to sustain its rally. Strong demand of this magnitude puts upward pressure on the price, reinforcing the bullish case for ETH.
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However, Ethereum still faces a key hurdle at the $3,550 level, an important supply area that has acted as a barrier since late July. The next few days will be crucial for Ethereum, as a break above this key resistance could signal a continuation of its upward trajectory. Failure to do so, however, could result in short-term consolidation. All eyes are now on ETH as its next move could set the tone for the altcoin market.
ETH remains above key levels
Ethereum (ETH) is currently trading at $3,333 after surging 10% yesterday, marking a significant rebound for the second-largest cryptocurrency. Price is testing a key supply area just below the $3,450 level, and bulls need to reclaim this resistance area to confirm the uptrend and maintain momentum towards new highs.
This supply area has historically been a key barrier, and a firm break above it would signal strong buying pressure and the potential for a sustained rally. Holding above the 200-day moving average (MA) at $2,959 further strengthens the bullish case for Ethereum, as this metric is widely viewed as a benchmark for long-term price trends.
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If Ethereum sustains above the 200-day EMA and breaks decisively above the $3,450 level, it could pave the way for a bullish rebound and target higher resistance areas in the coming days.
However, failure to break out of this supply area could lead to short-term consolidation as bulls regroup to challenge this level again. Currently, the market is focused on Ethereum’s ability to clear this key resistance and continue its upward trajectory.
Featured image from Dall-E, chart from TradingView
