Over the past 24 hours, ETH skyrocketed over 13%. This rally was predicated on extremely strong buying pressure and a very bullish market sentiment. The meme-inspired cryptocurrency rose more than 6.5% to $2,744.87, a significant bounce from where it started.
The day’s trading session opened with Ethereum (ETH) trading at around $2576. It only briefly fell beneath $2,562 on weak volume. Then, it quickly established a well-defined uptrend, characterized by a series of higher highs and higher lows. This price action shows increased conviction from investors.
Twitter and other social media traders have reacted to the news with significant excitement, with some even proclaiming Ethereum (ETH) to be in “beast mode”. Forecasts for continued increases are bullish, with some aiming as high as $4,000. With the crypto making a strong stand above its former key levels at $1,500 and $2,200 recently, the crypto’s bullish outlook is only further bolstered.
Technical analysis indicates a double-bottom pattern possibly developing between $2,720-$2,740. If ongoing, this pattern would provide Ethereum (ETH) with strong near-term support. The next major resistance level is $2,796, a high volume supply zone, where selling pressure may increase.
A notable spike in trading activity occurred around 21:00 UTC on June 9, with turnover exceeding 436,000 Ethereum (ETH). This surge was followed by a second wave of buying on June 10 around 11:00 UTC, which successfully pushed the price of Ethereum (ETH) through the $2,700 resistance. The second wave pushed ETH to an early session high of $2,783.
