Ethereum’s Sharp Bounce from Intraday Lows
Ethereum (ETH) made a significant rebound after experiencing a decline to $2,482, reclaiming the $2,514 mark, energized by a surge in trading volume and an overall recovery in the cryptocurrency market.
Key Highlights:
- ETH increased from a low of $2,472.84 and reached a maximum of $2,547.92, ultimately stabilizing around $2,514.
- crucial support levels between $2,486 and $2,490 were upheld, indicating strong buyer interest.
- for three consecutive weeks, inflows into spot ETFs have totaled $3 billion, showcasing growing institutional demand amid ongoing global economic uncertainties.
Ethereum showcases commendable strength amid increasing economic pressures, retaining its position above the $2,500 support amid heightened market fluctuations. The asset surged sharply from $2,472.84 to session highs around $2,547.92, reflecting a current holding near $2,514 with a technical momentum that indicates persistence in forming higher lows, buoyed by robust demand in the $2,486–$2,490 range.
In summary, Ethereum remains resilient against trade tensions between the United States and China and rising US Treasury yields, which have negatively impacted risk assets. Positive movements in spot ETF investments, amounting to $3 billion in the last three weeks, indicate an ongoing institutional interest that underpins price action, with $2,550 posing as a potential resistance level while buyers maintain conviction in the current market dynamics.
Technical Analysis Insights:
- In the last 24 hours, Ethereum’s trading range fluctuated by $67.47 (2.72%), with notable intraday recovery.
- The asset’s support level at $2,486–$2,490 remains robust, validated by notable trading volumes.
- Resistance encountered around $2,540–$2,547 incurred profit-taking, limiting subsequent price rises.
- The upward momentum was reinforced with strong trading volumes of 172,137 ETH, despite late-session retracements, showcasing continued buyer interest even amidst volatility.
