Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,823,139,134,717	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,823,139,134,717

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	413.95	0.45%	92,386.21	92,379.60	92,386.20

Price Change

Price Change %

Current Price

Bid Price

Offer

413.95

0.45%

92,386.21

92,379.60

92,386.20

High Price	Low Price	Open Price	Prev. Close	52 Week Range
92,527.21	91,747.46	91,833.14	91,972.26	36,715.10 - 99,860.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

92,527.21

91,747.46

91,833.14

91,972.26

36,715.10 - 99,860.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	01:19:51	0.00000313	92,386.19	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

01:19:51

0.00000313

92,386.19

USD

Price x Volume	Volume	Base Symbol	Related Pairs
61,460,991.15	667.03	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

61,460,991.15

667.03

Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour

23/11/2024 12:30am

NEWSBTC

Ethereum surged over 10% yesterday, marking an impressive recovery alongside a very bullish day for the entire crypto market. This surge has reignited investor optimism, especially as Ethereum approaches its yearly highs. Key data from CryptoQuant highlights a significant bullish signal: Ethereum’s Taker Buy Volume hit an astonishing $1.683 billion in a single hourly candle. This metric reflects aggressive buying activity in the futures market, further supporting Ethereum’s potential for continued upward momentum. Related Reading: Bitcoin Open Interest Hits ATH As BTC Nears $100K – What To Expect? The driving force behind this rising demand for Ethereum appears to stem from profits being cycled out of Bitcoin. With Bitcoin consistently breaking all-time highs, investors are reallocating gains into ETH, boosting its price. Ethereum’s ability to capitalize on Bitcoin’s momentum underscores its position as the second-largest cryptocurrency and a key player in the broader market trend. However, the next few days will be crucial for Ethereum as it nears its yearly highs. A strong breakout above these levels could propel ETH into a new uptrend, further strengthening its bullish narrative. Ethereum Bulls Waking Up Ethereum bulls are finally showing signs of life after eight months of bearish price action, with the price surging over 40% since November 5. This strong upward momentum aligns with the broader market rally, fueling optimism that Ethereum’s recovery is just beginning. The resurgence in bullish sentiment has positioned Ethereum as a key focus for investors seeking opportunities in the current market environment. According to data by CryptoQuant analyst Maartunn, Ethereum’s Taker Buy Volume recently hit $1.683 billion in a single hourly candle, highlighting significant demand and the involvement of high-volume trades. This aggressive buying activity is a bullish signal, suggesting increased confidence in Ethereum’s potential to sustain its rally. Strong demand at this scale creates upward pressure on the price, reinforcing the bullish narrative for ETH. Related Reading: Bitcoin Rally Driven By U.S. Coinbase Investors – Top Analyst Shares Metrics However, Ethereum still faces a critical hurdle at the $3,550 level, a significant supply zone that has acted as a barrier since late July. The next few days will be pivotal for Ethereum, as breaking above this key resistance could signal the continuation of its upward trajectory. Failure to do so, however, might result in a short-term consolidation. All eyes are now on ETH, as its next moves could set the tone for the altcoin market. ETH Holding Above Key Levels Ethereum (ETH) is trading at $3,333 after a 10% surge yesterday, marking a significant rebound for the second-largest cryptocurrency. The price is testing a critical supply zone just below the $3,450 level, a resistance area that bulls need to reclaim to confirm the uptrend and maintain momentum for new highs. This supply zone has historically acted as a key barrier, and breaking above it with conviction would signal strong buying pressure and the potential for a sustained rally. Holding above the 200-day moving average (MA) at $2,959 further strengthens the bullish case for Ethereum, as this indicator is widely regarded as a benchmark for long-term price trends. Related Reading: Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed Should Ethereum maintain its position above the 200-day MA and push decisively past the $3,450 level, it could pave the way for a bullish rally, targeting higher resistance zones in the coming days. However, failure to overcome this supply area may result in short-term consolidation as bulls regroup to challenge the level again. For now, the market focuses on Ethereum’s ability to clear this crucial resistance and continue its upward trajectory. Featured image from Dall-E, chart from TradingView

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