Ethereum ($ETH) has climbed back to $2,700, mirroring a broader crypto market rally. Data from top analytics firm Santiment, shows the rebound coincides with a noticeable uptick in social media chatter and trading activity, marking key achievements for the second-largest cryptocurrency.
🗣️ Ethereum’s market value has rebounded as high as $2,700 as crypto continues to extend its rally. There is renewed interest toward the #2 market cap asset on social media, and margin/leverage exchange ETH wallets have spiked as well. Both are enjoying 7-week highs. 📈 pic.twitter.com/3dagDLoGQK
— Santiment (@santimentfeed) September 23, 2024
Surge in Social Media and Trading Activity
Social media conversations centered on Ethereum have hit their highest point since early August. Currently, over 9% of all crypto-related discussions revolve around ETH. This increased interest goes hand-in-hand with a substantial jump in trading activity.
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Source: Santiment
Open interest on Ethereum exchanges has reached $6.18 billion, its highest level since August 5. This shows that more investors are ready to trade Ethereum, helping to push its price higher.
Price Action and Support Levels
The 24-hour price trend shows Ethereum fluctuating around the $2,675 mark, a gain of 3.80%. This follows a notable upward movement from approximately $2,577. This rally indicates that Ethereum has pushed past previous resistance levels, demonstrating strong market momentum.
Source: Coinmarketcap
Ethereum seems to have formed several support levels. The price dipped briefly around $2,575 but quickly recovered, suggesting this area acts as a short-term support zone. Additionally, another potential support level lies slightly above $2,600, where the price stabilized before its recent surge.
Ethereum is currently trading near the $2,676 mark. This price point may act as a new resistance level, considering the recent price action. Also, a previously established resistance around $2,650 now seems to be acting as a support level, helping the ongoing rally.
Trading volume has surged by an impressive 68.40%, suggesting strong participation in the market. This uptick in volume reinforces the price increase, demonstrating that investors are actively engaging with Ethereum.
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ETH/USD 1-day price chart, Source: Trading view
Additionally, the 1-day Relative Strength Index (RSI) for Ethereum is currently at 61.79. This level indicates that the market may be slightly overbought in the short term. On the other hand, the 1-day MACD reading above the signal line at 9.12 suggests bullish momentum remains intact.