Ethereum (ETH) latest quote has surpassed the $4200 mark, attracting widespread attention in the market. From a technical analysis perspective, ETH's trend shows strong rising momentum. The short-term moving average MA7( has broken through the long-term moving average MA30)4025(, forming a classic bullish arrangement, indicating that the upward trend may continue in the short term. Meanwhile, the MACD indicator shows that bullish strength is dominant, with the distance between DIF)74.24( and DEA)62.10( continuously widening. The MACD histogram shows a positive value of 24.27 and has a trend of further expansion, reflecting that the current bullish momentum remains strong.



It is worth noting that the recent trading volume of ETH has significantly increased, with a single-day trading volume exceeding 270,000, far surpassing previous levels. Such a large trading volume usually indicates the participation of substantial funds, possibly with institutions or large investors actively entering the market.

From the on-chain data, the ETH balance on exchanges has significantly decreased for three consecutive days, while the amount of ETH held in large wallets has rapidly increased. This phenomenon of chips transferring from exchanges to personal wallets often indicates that long-term holders are continuously increasing their holdings, which may be a signal of optimism regarding future market conditions.

In addition, Ethereum is about to welcome the highly anticipated 'Cancun Upgrade'. This upgrade is expected to significantly reduce the costs of Layer 2 solutions, promoting further development of the ecosystem. As an important milestone in the development history of Ethereum, the Cancun Upgrade may bring a new growth narrative for ETH.

Considering the overall technical analysis, on-chain data, and the upcoming network upgrade, the current rise of Ethereum appears to have a solid foundation. However, investors should remain cautious, closely monitor market changes, and manage risks effectively. The cryptocurrency market is known for its volatility, and any investment decision should be based on thorough research and individual risk tolerance.
ETH1.45%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 6
  • Repost
  • Share
Comment
0/400
WalletDivorcervip
· 08-09 11:50
Sold too early again
View OriginalReply0
AlgoAlchemistvip
· 08-09 11:49
The Cancun upgrade is here, Full Position eth is ready to da moon.
View OriginalReply0
RamenDeFiSurvivorvip
· 08-09 11:47
Cancun upgrade is the beginning of To da moon.
View OriginalReply0
consensus_whisperervip
· 08-09 11:46
Continue to go long, BTC is always lagging behind ETH.
View OriginalReply0
NoodlesOrTokensvip
· 08-09 11:34
It's all fun and games, but we can't afford to lose, brothers.
View OriginalReply0
SchroedingersFrontrunvip
· 08-09 11:33
Huabei and Jiebei have received money.
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)