The 90-day tariff pause by the U.S. President has boosted the overall cryptocurrency market, especially the price of Ethereum (ETH), which has gained over 13% in an upward rally. This positive momentum in the crypto market follows a prolonged period of downward movement.
At press time, the price of Ethereum was trading near $1,670, having recorded a surge of over 13% in the past 24 hours. Meanwhile, during the same period, its trading volume skyrocketed by 85%, indicating heightened participation from traders and investors compared to the previous day.
This surge in ETH’s price has halted Ethereum’s continuous decline. According to expert technical analysis, ETH has formed a bullish engulfing candlestick pattern at a key support level of $1,440. If the current market sentiment remains unchanged, there is a strong possibility that ETH could rise by 11% to reach the $1,850 level in the coming days.
Despite Ethereum’s bullish outlook, it is still trading below the 200-day Exponential Moving Average (EMA) on the daily time frame, indicating that the asset remains in a downtrend.
Considering the current market sentiment and Ethereum’s upward momentum, traders are strongly betting on the bullish side, according to the on-chain analytics firm Coinglass.
At present, the ETH long/short ratio stands at 1.03, indicating strong bullish sentiment among traders and suggesting that long positions are higher than short positions.
In addition to this, traders are currently over-leveraged at the $1,585 level on the lower side (support) and $1,696 on the upper side (resistance), having built $516 million and $80 million worth of long and short positions, respectively, over the past 24 hours.
These on-chain metrics clearly indicate that traders are currently dominating the market and have strong interest and confidence in Ethereum.
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