Ether
ETH$2,613.82
The global market traded solid $2,600 on Monday, as global markets adopted a risk-on stance despite growing geopolitical tensions in the Middle East. ETH hit an intraday high of $2,636.76 before closing about $2,614 during the early US trading session.
A higher movement occurred as traditional markets showed remarkable resilience in the face of conflict escalation. According to a CNBC report, Israeli Defense Minister warned on Monday that Tehran will “pay the price” after the new missile onslaught, marking a straight day of military operations for the fourth consecutive day.
However, the global market primarily absorbed headlines. Gold was pulled back from a near-record high, with Tel Aviv stocks rising, and European and US stock futures opened on the green. Citigroup’s Lewis Costa attributed the calm to a prolonged hope of “faster solution” or limited retribution.
In the crypto market, risk sentiment has returned with full force. All of the top 20 unstable coin cryptocurrencies were on Green on Monday, with ether no exception. The meeting was supported by deepening institutional demand.
According to Coinshares’ latest Digital Asset Fund Flows Weekly Report, Ethereum Investment Products saw a $583 million inflow last week. According to the report, ETH has brought in $2 billion over the past nine weeks, representing 14% of all assets under management in ether-related funds.
The futures market also reflects increased investor engagement. Coinglass data shows that ETH is currently at 1389 million ETH, or around $36.32 billion, reinforcing the sense that sophisticated players are positioned for their continued benefits.
Technical Analysis Highlights
- According to Coindesk Research’s technical analysis model, ETH traded in the $126.66 range from $2,510.10 to $2,636.76 (+5.05%) to $2,636.76 (+5.05%).
- Price Action broke $2,550 resistance with a strong volume, forming a higher and higher low.
- 05:00 GMT candles showed volumes above 311,000 ETH, establishing a major support zone of around $2,575.
- ETH has been pushed over $2,600 between three consecutive green hourly candles, suggesting sustained purchasing activity.
- At 07:18, a sharp drop occurred from $2,629.02 to $2,622.88 on heavy volumes (>21,000 ETH), and soon recovered.
- The final 30 minutes of the session showed integration between $2,627 and $2,630, bringing the rising triangle structure into shape.
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