Ethereum’s trading volume surged 79.30% to $28.21 billion, sparking speculation about its potential price increase. On-chain indicators show mixed signals, but the long/short ratio shows a slight advantage for bulls.
Ethereum has been in the spotlight recently, mainly due to two market trends: the movement of large holders and a sharp increase in trading volume. An ICO participant who has not been active for more than two years transferred 3,510 ETH (worth $9.12 million) to Kraken. This transaction highlights the renewed attention of large holders to Ethereum, suggesting that they have a potential interest in the market direction of Ethereum.
Currently, the price of Ethereum is $2,656.39, up 3.02%. It is worth noting that the trading volume has increased significantly by 79.30% and now reaches $28.21 billion. Such a surge in trading volume usually means an increase in trading activity, but continued price fluctuations depend on subsequent buying power.
Ethereum could see further gains if buyers remain active, but market indecision could cause volatility to taper off.
On-chain indicators show a mix of neutral and positive signals.
Ethereum's net network growth rate has remained roughly constant at 0.19%, indicating stable user activity. Meanwhile, according to the "In-Price" metric, 11.21% of Ethereum holders are currently in profit, which can alleviate immediate selling pressure. Whale trading and accumulation patterns remain stable, with no significant changes in recent days.
The long/short ratio shows that 52.28% of traders hold long positions, indicating that slightly more traders are betting on Ethereum's price to rise, while 47.72% of traders are shorting the asset. This slight advantage suggests that market participants are leaning towards the upward trend, although this trend remains fragile and depends on broader market conditions.
Ethereum (ETH) is currently trading at $2,617.78, up 0.19% in the past few hours. The daily range is between $2,614.22 and $2,647.91, with a 24-hour trading volume of $19.30 billion. Over the past year, Ethereum's price has fluctuated between $1,523.24 and $4,092.28.
