Ethereum (ETH) price has gained bullish momentum in the past two days akin to Bitcoin (BTC) and Gold. The top-tier altcoin, with a fully diluted valuation of about $541 billion, surged over 4% during the past 24 hours to reach a range high of about $4,517 before retracing to trade around $4,485 at press time.
The Ethereum price pump in the last two days has almost mirrored that of Bitcoin, which has closely followed the footsteps of gold. With the wider crypto market signaling a bullish outlook, more than $470 million was liquidated from the leveraged traders during the last 24 hours.
Historically, the Ethereum price has recorded positive returns in October since its inception. Moreover, Ether price is expected to record a parabolic rally in the fourth quarter, akin to the 2017 crypto summer.
Heavy liquidation of short traders in the past two days, amid ‘Uptober’ sentiment, has influenced the rising odds of a short squeeze. During the past 24 hours, a total of $129 million was liquidated from Ether’s leveraged market, with over $106 million involving short traders.
The demand for Ethereum by whale investors has remained high in the recent past. For instance, aggregate market data from CoinGecko shows that a total of 13 entities, led by BitMine, have accumulated over 4 million ETH, valued at nearly $18 billion.
Market data analysis from SoSoValue shows that the U.S. spot Ether ETFs purchased Ether valued at around $80 million on Wednesday.
From a technical analysis standpoint, the ETH price has rallied above a crucial support/resistance level around $4.2k in the last two days.
However, crypto analyst Ali Martinez recently noted that the ETH price faces a strong resistance level around $4,505.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Story Highlights The live price of the Avalanche is . Price predictions for 2025 suggest…
Story Highlights The live price of the OFFICIAL TRUMP TRUMP memecoin cools near $5.66 as…
The International Monetary Fund (IMF) has praised El Salvador for its continued economic growth. The…
Newly confirmed Commodity Futures Trading Commission Chairman Michael Selig said on Monday that Congress is…
In the United States, a growing number of young investors are entering the financial world…
A popular crypto analyst from Altcoin Daily has shared what he calls his worst-case scenario…
