Ethereum price stalls below $3,450 resistance after 10% spike
Ethereum bulls rally as price surges 10%, futures market activity soars
After eight months of Ethereum price bearish movement, Ether bulls have been active as evident in its recent price surge and aggressive buying activity, raising hopes of a sustained rally. Meanwhile, rising demand in the futures market and capital rotation from Bitcoin are also fueling optimism.
The activities of Ethereum bulls were witnessed on Thursday when Ethereum’s price spiked 10%, lifting it to the $3,450 resistance zone. However, bullish momentum faltered the following day, reversing price to $3250, a support level reinforced by the intraday 50 EMA. This support provides Ethereum with a potential springboard for further gains.
The key driver of Ethereum's bullish price action has been the surge in futures market activity. According to CryptoQuant, Ethereum’s Taker Buy Volume hit $1.683 billion in a single hourly candle, reflecting heightened buying interest. This aggressive activity signals growing confidence in Ethereum's near-term prospects.
Capital rotation and resistance levels shape Ethereum outlook Bitcoin's consistent rally is another key driver which appears to be fueling this demand. As Bitcoin nears the most anticipated 100k level, Profits from Bitcoin are being reallocated into Ethereum, contributing to Ether’s recent price recovery. This capital rotation means that Ethereum is resilient as the second-largest cryptocurrency and maintains investors' attention amid broader market trends.
Despite the recent bullish activity, Ethereum’s broader daily chart still leans bearish. The broader trendline resistance near $3,450–$3,550 aligning with the premium Fibonacci levels remains intact. Attempts to breach this level have resulted in a double top formation, signaling stiff selling pressure at these levels. Failure to clear this critical hurdle could stall the rally and lead to sideways consolidation or a deeper retracement. The futures market’s aggressive activity will play a crucial role in determining the next trajectory of Ethereum price movement.
Ethereum's price surged over 5% to an 8-day high, breaking above the $3,250 resistance level. This rally aligns with a 40% rise in Ethereum's derivatives open interest now exceeding $13 billion.
