- Ethereum ecological system overwhelmed great developments in the recent past among the Rising Altsing Reckoning.
- The price of the ether is in a good position to gather towards ATH in the coming weeks.
ETHEREUM (ETH) price increased by more than 8 percent over the past 24 hours to reach the highest daily and local level of about $ 2,702. The large large evaluation, with a fully diluted evaluation of about 322 billion dollars and the average trading volume of 24 hours, is about 31 billion dollars, created a bullish feeling after a stir last week by 40 percent.
The main powers behind the ETHEREUM price pump today
Climb The catalyst for the promotion of Pectra
The launch of the last Mainnet for PECTRA ETHEREUM network helped to become more competitive for other layer chains (L1), led by Solana (Sol). Moreover, the Pectra upgrade enhances the expansion and efficiency of Ethereum, which is one of the main considerations by most institutional investors who seek to build and invest in the WEB3 space.
Low inflation in the United States amid geographical economic slowdown
Earlier on Tuesday, the US Labor Statistics Office announced that the country’s inflation decreased by 2.3 percent year on April. Amid the US -led global trade negotiations, the cryptocurrency market, led by Bitcoin, appeared as an alternative investment for more institutional investors.
Instantly, organic market request from institutional investors
With Altcoins gradually gaining Bitcoin’s dominance, the total demand on the ether by institutional investors has dramatically increased. It is worth noting that the open interest of future contracts in Ethereum has increased by more than 12 percent in the past 24 hours to hover about 32 billion dollars on Tuesday, during the trading session in late North America.
The effect of short pressure
After the sudden ethereum recovery in the past few days, a significant increase has been recorded in the short liquidation. Within the past 24 hours, the Etherensed Ether market has recorded more than $ 145 million in forced qualifiers, with more than $ 107 million that includes short qualifications.
As a result, the possibilities of short pressure have increased dramatically in the past few days.
What after the ether
Since Bitcoin price tries to gather more than 105 thousand dollars, the broader Altcoin market has seen a large range of upward morale. Moreover, the ETHEREUM FEAR and Greed index rose to more than 75 percent on Tuesday, indicating more bullish investors.
From the point of view of technical analysis, the price of the Eter is in a good position to re -test its highest level ever in the near future. In the weekly timeline, via MACD the signal line for the first time YTD. More importantly, the ether price has regained a macro support level above $ 2,360 after a noticeable correction in the first quarter.
