Ethereum is seeing new activity as market focus increases among investors. After a significant purchase by a key player, the token faces key levels that will influence short-term direction. Growing demand indicates potential positive action.
At the time of writing, Ethereum (ETH) is trading at $4,522, with a 24-hour trading volume of $62.25 billion and a market capitalization of $547.89 billion. Over the last 24 hours, ETH has seen a slight drop of -2.60%.
Prominent crypto analyst Ted noticed that a whale purchased $61.65 million of ETH today, becoming more interested in the leading smart-contract platform. The move reflects improving ETH demand in the market.
But at the same time, Ted also noted that ETH failed to regain the $4,650 level, which has been working as a short-term ceiling. The next key support level is around $4,500, which could get tested in case selling gains more traction.
On a positive note, if Ethereum manages to cross over $4,650 under heavy buying volumes, then it will open up a further path towards creating a new all-time high.
Investors are following such significant levels intently, as ETH’s price action in the forthcoming periods will dictate its short-term trend direction.
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The ETH derivatives market is trending positively, as trading volume surged 41.83% to $86.81 billion. Open interest also registered a small rise of 1.74% to $64.32 billion, as more individuals continue holding long positions, signaling that activity as well as confidence in the prevailing price action of ETH is increasing.
The OI Weighted value stands at 0.0081% and indicates that leverage proportions remain under control relative to the aggregate market size. This reflects healthier speculative activity compared with real market positioning, reducing the risk of precipitous liquidations while facilitating ETH’s further growth.
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