Ethereum gains 10% 🔔

Record demand for Ethereum continues for the second day in a row. The price of the second-largest project is once again up over 9% to 2,370 USD, bringing the total gain over two sessions to 32%.

Such a strong rebound is the result of an exceptionally negative sentiment that persisted in the market for an extended period. Ethereum had been declining for nearly five consecutive months, with the scale of the sell-offs exceeding 10% in three months separately. In February and March alone, we saw drops of 33% and 17%, respectively.

The correction in Ethereum reached over 65% from its peaks in 2924, with a scale comparable to the bear market of 2022. This is why the current rebound is so significant.

Ethereum is currently recording its largest two-day gain since 2019 – a total of 37.4%.

Ethereum (D1 interval)

From a technical analysis perspective, we are now entering an important resistance zone just below the 2,500 USD level. Everything depends on whether such strong buying pressure can be maintained, but short-term investors are strongly incentivized to take profits. A correction at these levels would be justified, but given the dynamic rally, it’s difficult to estimate technical resistance levels.

Source: xStation 5

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Crypto

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