Ethereum (ETH) Price Surge Above $3,200 Key Level, But is This Pump Sustainable?

On February 26, 2024, the entire crypto market was bullish, causing crypto assets such as Ethereum (ETH) to break critical levels. This bullish trend started when the price of Bitcoin broke the $50,000 zone.

Altcoins such as Ethereum followed the footsteps of BTC and crossed the $3,200 level. 

However, considering the nature of the crypto market, will the bulls sustain the ETH price rally? This price analysis & chart below will provide more detail about ETH’s next move.

Ethereum’s Recent Price Gains

Ethereum’s price hit $3,230 on February 26, its highest price since early April 2022. After hitting this peak yesterday, Ethereum’s price dropped slightly but remained above the $3,200 zone. 

Also, over the past seven days, the coin has recorded an increase of more than 11%. And even in the past month, ETH is up 43.80%.

ETH is trading around $3,255 with over $21 billion in volume. According to CoinMarketCap, the trading volume is up in the last 24 hours by 51.5%. This implies that the demand for ETH has increased, which has led to a high volume and value. But will the price keep rising?

Data from the futures market could provide some clues.

ETH Funding Rates Turn Positive in Recent Period

As highlighted by top analyst CryptoQuant in a post, the 30-day average funding rate has increased. Typically, this indicates growing optimism. In early January, the funding rate spiked as Ethereum’s price peaked.

But then it dropped as prices fell and long positions closed. 

Now, amid Ethereum’s latest rally, the rate has risen again but not to January’s level. This suggests future sentiment is bullish but not overly eager. For now, future optimism seems grounded. This could allow Ethereum’s price to keep rising steadily. 

By staying moderate and not getting too carried away, the positive trend in the market might last longer.

Big Investors in Action: Whales Moving Holding from Exchanges, What Does It Mean?

Big investors have started showing interest in the coin again. Based on Lookonchain’s report, whales are shifting their holding from CEXs. The analytics platform showed that an ETH address tagged 0x8B94 moved 14,632 ETH, worth around $45.5 million, from Binance. 

According to the source, this address intends to stake the coin. This means that they want to hold the coin for a long time. Further, the platform displayed another notable movement.

In the past two days, two new whale wallets withdrew 6,000 ETH, valued at $18.7 million, from Kraken.

These movements show that investors and whales are getting involved again, aiming to boost the price of coins. The bullish sentiment among the top shots is evident in the positive momentum seen on the daily chart.

Ethereum Price Review: The Bulls are Running Wild – More Surge Ahead?

Right now, the SuperTrend indicator is flashing a buy signal for Ethereum. This technical tool suggests that upward momentum is strong, and the uptrend will continue.

Another positive sign is the Moving Average Convergence Divergence (MACD).

This indicator shows the MACD line above the signal line, with green histogram bars. It signals growing bullish momentum. Several other technical factors also support bullish sentiment.

Ethereum’s price is riding above the Bollinger Bands, meaning volatility is high as the uptrend continues.

The money flow index (MFI) sits at 69, reflecting intense buying pressure. Overall, indicators show investors who believe in the coin are excitedly buying Ethereum. Based on the technical alignment, Ethereum’s price could surge to $4,000 soon if bullish momentum holds.

Traders seeing these signals may feel confident going long. However, indicators can change quickly. Uptrends can reverse if sentiment shifts. So, since technical analysis is not a crystal ball, investors and traders should keep watching the indicators closely. 

As Ethereum keeps rising above the budget of many enthusiasts, a newer coin under the Solana ecosystem presents an opportunity to buy low for potential profits.

 Investors who want to add new gems to their portfolio should consider adding Smog at lower rates than ETH.

The Smog Memecoin Craze

Smog is already stirring up hype within the crypto space. The asset was launched in line with the Chinese Year of the Dragon, aiming to capitalize on the memecoin and crypto craze.

Currently, the project is running “The Greatest Airdrop in History” promotion.

Users who buy and hold Smog tokens can earn airdrop rewards. This viral campaign has sparked interest across the crypto community. Smog is a multi-chain project.

This means it’s available both on Solana and Ethereum through Portalbridge. Development like this will help expand its potential user base. 

Also, at the moment, Stakers can earn 42% annual returns on their Smog holdings. Over 12 million Smog tokens have already been staked. Interested users can swap USDT, SOL, or other tokens for Smog on Solana. 

Smog’s Potential: Influencers’ Enthusiasm vs. Expert Caution

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Popular influencers in the industry are passing great remarks about Smog and its future. The YouTube channel Buhok Gaming called Smog’s potential “1000x.”

Additionally, Vlogger Franklin Emmanuel predicted Smog would be the next big memecoin revolution. According to the analyst, “fast profits are possible.”

However, know that crypto volatility makes outcomes unpredictable. Proper due diligence is essential before investing. But user enthusiasm for Smog is apparent. Despite launching in February 2024, Smog already has over 27,000 followers. Vital social metrics suggest high interest in the memecoin.

With that in mind, you can buy this coin by visiting the official page and following the instructions.