Ethereum (ETH) has made a notable recovery, rising 3.8% over the past day despite ongoing market volatility. The cryptocurrency found strong support at $2,530, where a substantial trading volume of 242,521 ETH helped establish a solid price floor after dipping to $2,513.
This support level fueled a sharp breakout in early trading, marked by massive volume surges exceeding 550,000 ETH. These gains pushed Ethereum above key resistance levels, confirming a short-term trend reversal. ETH currently trades above $2,575, hitting new local highs.
Institutional investors continue to drive momentum, with spot Ethereum ETFs seeing $248 million in net inflows over the last week. This inflow suggests growing confidence from larger players, even as retail participation remains relatively cautious.
Analysts identify the $2,800 level as a major resistance point, where many investors who bought earlier might consider exiting near breakeven. However, with ETH’s breakout from consolidation and broader signs of strength in the crypto market, bulls are eyeing the $2,650 to $2,745 range as the next target zone.
Technical Summary:
- A well-defined bottom formed around 01:00, supported by high volume trading of 242,521 ETH, creating a strong foundation.
- A decisive breakout followed between 06:00 and 07:00, with volume surges of 553,348 ETH and 221,502 ETH respectively.
- Price action displayed three distinct phases: consolidation (07:04–07:29), a sharp breakout with volume spikes over 7,000 ETH per minute (07:30–07:32), and sustained upward momentum.
- The $2,600 level is now firmly established as a support zone, with momentum indicators pointing toward further gains.
- High-volume support at $2,530 serves as a critical floor against downside retracements.
Ethereum’s recent performance highlights a renewed sense of optimism among institutional investors and signals potential for continued upward momentum amid volatile market conditions.
