Can the ETH Coin Price Revisit Its Year-To-Date High?
Leading altcoin Ethereum (ETH) has experienced a significant price surge over the past 24 hours, surpassing the $3,600 mark. As of this writing, ETH is trading at $3,613, the last price it traded at in June.
The rally was fueled by huge trading volumes of more than $43 billion in the past 24 hours. This suggests a continued rise in price towards the psychological $4,000 mark.
Ethereum price spike hints at altcoin season
Total ETH trading volume $43 billion in the past 24 hours. The surge in trading activity has pushed the coin’s value to the last observed price five months ago.
When an asset’s trading volume increases along with its price, it indicates strong market interest and confidence in an upward trend. This combination suggests that price increases are supported by significant buying activity, making them more sustainable.
so, ETH trading volume is high Reflecting the rebound in market demand and broad participation. This reduces the likelihood of a sudden reversal.
Additionally, Ethereum’s recent surge suggests that altcoin season may be turning. According to Blockchain Center’s Altcoin Season Index (ASI), the score currently stands at 61 out of 100, approaching the 75-point threshold that marks the start of the highly anticipated period.
Notably, some profit-taking activity has already begun due to the price surge. This is reflected in the coin’s net positive transaction flow. On Wednesday, 54,974 ETH worth more than $199 million was sent to the exchange.
The exchange net flow metric measures the difference between exchange inflows and outflows during a specific period. When the net flow of an asset is positive, more tokens are entering the exchange than leaving the exchange, which usually indicates potential selling pressure as traders prepare to sell.
Increased supply on exchanges could put pressure on prices if demand does not match increased availability.
ETH Price Forecast: Rally to year-to-date highs
Nonetheless, overall bullish sentiment The Ethereum market remains Strong, indicating that the uptrend may continue. The setup of the ETH Parabolic Stop and Reversal (SAR) indicator evaluated on the daily chart confirms this bullish outlook.
This indicator identifies potential trend reversals and provides dynamic support and resistance levels. It places points above or below the price chart: points below the price indicate a bullish trend, while points above the price indicate a bearish trend.
As is the case with ETH, when the SAR is below the price, it signals upward momentum and indicates a bullish trend. If the bullish trend continues, ETH price may break the $3,669 resistance and climb to the year-to-date high of $4,093.
On the other hand, a decrease in bullish pressure will lead to ETH currency price will fall to support level The founding price was $3,336.
Disclaimer
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