Ethereum (ETH) rises to the sky – Is the $1,850 mark the next target?

Ethereum (ETH) leads the growth wave with a jump of over 13%, marking a positive turning point after a long period of market gloom.

Current price dynamics of Ethereum (ETH)

As of now, the price of Ethereum is fluctuating around $1,670, marking an increase of more than 13% in just the past 24 hours. Notably, the trading volume of ETH has also surged by 85% during the same period, reflecting stronger interest and participation from investors and traders compared to the previous day.

Technical analysis of ETH and important thresholds

The recovery of ETH has closed the previous long streak of declines. According to technical assessments from analysts, ETH has just established a “bullish engulfing” pattern at the key support level of $1,440 — a signal indicating that buying pressure is returning. If the positive sentiment continues to be maintained, ETH could record an additional increase of around 11%, aiming for the $1,850 mark in the coming days.

However, despite the promising short-term outlook, Ethereum is still trading below the (EMA) 200-day moving average — an indicator that the long-term downtrend has not truly been reversed.

ETH/USDT Daily Chart | Source: TradingViewIn the context of market sentiment leaning towards a positive direction alongside the solid recovery of Ethereum, many traders are aggressively betting on the scenario of continued price increases, according to data from the on-chain analysis platform Coinglass.

Currently, the Long/Short ratio of ETH stands at 1.03, indicating a clear prevailing optimistic sentiment, as the number of long positions significantly outweighs the short positions. Notably, the total value of open Long orders has reached 516 million USD.

At the same time, leveraged trading activities are actively taking place at two sensitive price levels: $1.585 ( main support level ) and $1.696 ( short-term resistance level ). In the past 24 hours, the total value of Long and Short positions at these two points reached 516 million USD and 80 million USD, respectively.

Source: CoinglassThese numbers indicate that traders are taking the lead in the market, while also reflecting strong confidence and growing attention towards Ethereum.

You can check the price of ETH here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.

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