Ethereum (ETH) is gaining strong momentum after a jump to $4,736.28, a 4.90% rise in the last 24 hours. With a $571.69 billion market capitalization and a 24-hour volume of $71.30 billion, Ethereum now owns 14.03% of the global total crypto share.
The technical analysts also believe Ethereum is targeting a clear breakout position, and the $5,000 level is seen as having the potential of propelling the price in a parabolic trajectory.
The analyst CRYPTOWZRD predicts a potential major breakout for Ethereum. He mentioned that ETH is going to make a parabolic move. Once it breaks the $5,000 zone, this sideways chop will vanish. The bullish forecast comes at a time when Ethereum continues in strong support zones and speculations grow about a clear rally forming in the coming sessions.
The confluence of bullish analyst targets and high-level whale trades looms around the top moment for Ethereum. A move through $5,000 for ETH potentially releases a parabolic swing, constricting shorts and pushing the price towards new highs. However, a breakdown in supporting the current levels may spawn enhanced volatility.
According to Lookonchain, Ether broke above $4,700 recently and attracted the eye of investors on a large scale. A whale wallet in 0x0911 was seen depositing 5.1 million USDC in Hyperliquid and initiating a huge short position against ETH through 20x leverage.
The whale’s spot represents 10,796 ETH valued at $51 million, while the liquidation price stands at $5,086.9. Such a development is perceived by the market players as a sign of contradictory confidence, indicating split strategies by bullish momentum players and risk-averse scale investors aiming to hedge the downside.
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Ethereum derivatives market maintains solid impulse, showing open interest increasing by 4.40% to $64.37 billion, supported by a slight volume increase by 0.99% at $99.49B. The slow build-up in the open interest suggests the fact that more speculators are forming solid positions and are increasingly engaging in the market activity in the price of ETH.
The OI Weighted ratio for 0.0072% indicates a relatively balanced outlook in long and short trades. While the ratio is not signaling aggressive pressure in terms of leverage, it indicates a cautiously optimistic outlook by the traders without going extreme in either direction.
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