Ethereum price gears up for explosive rally as buying activity accelerates


  • Ethereum buying activity has accelerated significantly over the past hour, coinciding with a spike in the price of the altcoin. 
  • Over 16,000 Ethereum tokens were bought within an hour, earlier today.
  • On a net basis, Ethereum continues to outperform Bitcoin since the asset’s May 2021 top. 
  • Analysts predict Ethereum price is likely to continue its bounce.

Ethereum price has kicked off its recovery after a recent drop. There is a significant spike in buying activity as traders accumulate Ethereum. 

Ethereum price on track for rally with spike in accumulation

Buying activity has accelerated in the Ethereum network. Analysts at the crypto intelligence platform IntoTheBlock have noted a spike in buying activity in the altcoin.

As buying activity accelerated, over 16,000 Ethereum tokens were bought within 60 minutes earlier today. The demand across exchanges pushed the altcoins price to $3,300 again, based on data from IntoTheBlock. 

Ethereum is close to the end of Proof-of-work (PoW) issuance. The flexible staking with deposit and withdrawal facility is likely to increase the participation in ETH2 ecosystem. Despite the recent correction in Ethereum price, the altcoin’s price is holding well. This is the difference between the May correction and the ongoing price rally in Ethereum. 

Proponents believe that Ethereum price still outperforms Bitcoin since the asset hit its May 2021 top. Mark Cullen, analyst at AlphaBTC notes that Ethereum price has retested its lower mid range and the 61.8 golden zone. The analyst has predicted a push to the 21 daily exponential moving average. 

@ShardiB2, a crypto analyst and trader believes that Ethereum is totally oversold and there may be a reversal. 

FXStreet analysts believe that Ethereum price could rebound towards $4,000 in the current uptrend. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ethereum ETFs flows data pour in after crossing $1 billion trading volume in first day of launch

Ethereum ETFs flows data pour in after crossing $1 billion trading volume in first day of launch

Ethereum ETFs have crossed the $1 billion mark in trading volume on the first day of launch. Investors won't substitute Ethereum for Bitcoin but would hold both, says Bitwise's Matt Hougan. Ethereum could replicate Bitcoin's price post-spot BTC ETF launch following recent price action.

More Ethereum News

Bitcoin Conference could host huge election showdown with Kamala Harris as potential speaker

Bitcoin Conference could host huge election showdown with Kamala Harris as potential speaker

Bitcoin Conference could be major price catalyst after reports that Vice President Kamala Harris may be one of the speakers. Donald Trump will speak on crypto regulations and a Bitcoin strategy at the conference. Kamala's camp has been asking questions about cryptocurrencies, claims Mark Cuban.

More Cryptocurrencies News

dYdX recovers compromised v3 platform hours after leaked sales attempt

dYdX recovers compromised v3 platform hours after leaked sales attempt

The dYdX team reported an attack on its DEX's version 3.0 platform on Tuesday. The breach came hours after a Bloomberg report revealed that the team could be planning to sell the v3 platform to intending buyers.

More dYdX News

Vitalik Buterin reveals new cryptographic protocol Circle STARKs

Vitalik Buterin reveals new cryptographic protocol Circle STARKs

Vitalik Buterin revealed a new blockchain protocol for enhancing efficiency, Circle STARKs. Circle STARKs will utilize smaller fields to improve speed and maintain security. Polygon Labs and StarkWare are major collaborators in building Circle STARKs for ZK rollups.

More Cryptocurrencies News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP