Crypto Market Soars to $3.63T: Ethereum (ETH) Prepares for Major Move

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Crypto Market Soars to $3.63T: Ethereum (ETH) Prepares for Major Move

As the total crypto market cap stands at $3.63 trillion, with a massive surge of 6.10%, the crypto market nears a new all-time high. Ethereum

ETH
$3 377

24h volatility:
6.9%

Market cap:
$406.32 B

Vol. 24h:
$68.49 B

is on a bullish rally with an intraday rise of 5.47%, creating a bullish engulfing candle.

Will this move create a new swing above the $4,000 psychological mark? Let’s find out.

Ethereum Breakout Rally Aims to Surpass $4,000

In the daily chart, the Ethereum price trend reveals a pullback phase in motion. Further, the ETH price trend reveals a resistance trendline born out of lower-high formations. However, the local support trendline completes a falling-channel pattern.

BITSTAMP:ETHUSD Chart Image by Trojan1234

Currently, Ethereum is sustaining a bullish dominance above the $3,100 zone, despite massive fluctuations. With the intraday recovery, Ethereum undermines the overnight pullback of 2.83% and prepares to challenge the overhead resistance trendline.

In confluence with the trendline, the trend-based $23.60% Fibonacci level at the $3,500 psychological zone paints a massive supply pressure. As the broader market recovers, the underlying landscape of Ethereum turns bullish.

The daily RSI line reveals a bullish divergence. Furthermore, the MACD and signal lines are giving a positive crossover. Hence, the technical indicators are siding with the breakout chances.

Considering the Ethereum price manages to sustain a closing above the $3,500 mark, the Fibonacci level paints a price target at $4,172. Beyond this, the crucial price targets are $4,465 and $4,837.

Rising Bullish Speculations Fuel Ethereum Rally

As the broader market turns optimistic, as Bitcoin registers a new all-time high, Ethereum’s open interest skyrockets to $32.65 billion, registering a 5.25% surge. The bullish speculations over Ethereum are on the rise.

Adding to the speculations, the funding rate has increased to 0.014%, revealing the traders willing to pay the premium to hold the bullish positions. However, the long-to-short ratio over the past 24 hours remains under 1, at 0.9616, reflecting a larger number of bearish positions.

Trump’s World Liberty Buys More ETH

Amid the increasing chances of a breakout rally, Donald Trump’s World Liberty Finance has acquired a significant amount of Ethereum. Over the past few hours, Trump’s World Liberty Finance has spent 20 million USDC tokens to acquire 6,041 Ethereum tokens.

The average buying price of the Ethereum corporation comes at $3,311. Currently, the data from Spot On Chain reveals the portfolio of World Liberty Finance holding 44.663 ETH tokens. This comes to $151.73 million.

Retweeting the Lookonchain post about the recent Ethereum purchase from WLF, Eric Trump, the son of Donald Trump and the Executive Vice President of the Trump Organization, made an extremely optimistic comment.