Eric Trump celebrated Ethereum’s rally on social media. Eric Trump posted on X, saying, “ETH is pumping hard! Great to see! Crypto is the future…”, as Ethereum continued its latest price recovery. Ethereum has climbed back above the key $1,800 level. After spending the last few days above its expected level, ETH started trading around $1,810-$1,819, depending on the exchange, as per the Market data.
ETH is up around 1.7%-1.8% in the last 24 hours. Over the past day, Ethereum gained about 1.75% and was hovering near $1,818.76 during the latest update, recorded the Pluang market data. Ethereum remains the world’s second-largest cryptocurrency, with market capitalization of about $218 billion, keeping it behind only Bitcoin in the crypto market.
Ethereum price rally
The rally comes after a difficult period. Ethereum had struggled in recent weeks before reclaiming the $1,800 mark, making the latest move an important recovery for investors. However, trading activity is actually falling. Even though prices are rising, Ethereum’s 24-hour spot trading volume dropped nearly 12% to around $7.3 billion, showing fewer traders are taking part in the rally.
Experts say low trading volume can be a warning sign. Price recoveries that happen while trading activity is falling can be fragile because they may not have enough buying support to continue for long, according to Pluang. Crypto traders saw massive liquidations during the last 24 hours. Across crypto markets, about $111.7 million worth of positions were liquidated in one day.
Crypto market volatility
Ethereum accounted for the biggest share of those liquidations. ETH alone saw $51.49 million in liquidations, which was more than double Bitcoin’s $20.01 million. Bullish traders were hit the hardest. Long positions suffered bigger losses than short positions, showing that many investors betting on higher prices were forced out during market pullbacks.
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Why Ethereum price could reach $2,000
Large crypto investors, often called whales, bought more than 11,000 ETH worth about $20.59 million, signaling confidence in Ethereum’s recovery. Ethereum has stayed above $1,800 for three straight days. Exchange data points to lower selling pressure. Negative exchange net flows and a low Exchange Supply Ratio indicate that more ETH is leaving exchanges than entering them, reducing the available supply for sale.
Technical indicators remain positive. Ethereum’s Relative Strength Index (RSI) has stayed above 50, which is generally viewed as a bullish signal. Analysts see a possible move toward $2,000. If Ethereum continues holding above key technical levels and closes above its $1,778 moving average, analysts believe it could climb toward $2,000, as per Pluang.
Ethereum still faces a key test. Analysts say ETH needs to break above $1,850 before a stronger rally can be confirmed, according to 24/7 Wall St. However, network activity has weakened this year. The total value locked in Ethereum-based applications has dropped from about $45 billion to $37 billion, suggesting on-chain activity remains below earlier levels.
Source: Original Article
