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Ethereum (ETH), the world’s second-largest cryptocurrency, might be on the verge of an explosive move as market metrics suggest fresh trader positioning.
According to Glassnode, Ethereum stands out as the only top 10 nonstablecoin asset with increased futures volume over the last 24 hours, representing a 27% increase. Open interest is also up 6%, while funding remains neutral at 0.0047%, indicating fresh positioning but no signs of excessive leverage.
According to popular crypto analyst Kaleo, an explosive move, dubbed a "god candle," could be on the horizon, perhaps propelling ETH to $4,000 this week.
"God candle to $4,000 this week. Honestly though, wouldn’t be surprised if we see something like this play out after today’s news. Don’t let them shake you out if it happens anon. Up only soon," Kaleo posted on X.
This might point to a potential high-volatility breakout, sometimes known as a "god candle" - a single large, quick green candle on the chart that indicates overwhelming buy pressure.
Ethereum price: ETH to $4,000 soon?
The Ethereum (ETH) price has not reached $4,000 since December 2024, and reaching it now would require a 25% increase from current prices, an ambitious move but not impossible on crypto’s volatile market.
Ethereum has jumped 4.32% on the day to $3,185 amid a 20% increase over the past seven days, as the mania for publicly traded companies accumulating ETH continues.
The move has pushed Ethereum’s price to its highest level since the start of February, liquidating $73.19 million in shorts in the last 24 hours, according to CoinGlass.
SharpLink Gaming bought $225 million worth of Ethereum earlier this month, the company said on Tuesday. It has subsequently become the largest Ethereum treasury public company, with its most recent acquisition increasing its overall holdings to 280,000 ETH.
Vladislav Sopov
U.Today Editorial Team