Over the past XNUMX hours эфириум has risen more than 5% and is now trading at $2,644. Altcoin has become the leader among other top 10 cryptocurrencies by market capitalization, rising nearly 86% from its yearly low.
Other Ethereum indicators are also growing. For example, open interest in ETH futures has grown to $35,67 billion, approaching its historical maximum and significantly exceeding the $19,6 billion recorded on April 3. In addition, the ratio of long and short positions on Binance at the time of writing, it was 1,8, indicating a clear bullish trend among traders.
Ethereum’s bullish sentiment has been further bolstered by significant inflows from institutional investors. Last week, spot ETH-ETF collectively raised more than $321 million, the highest weekly total since December 2024.
Against the backdrop of positive trends, bullish patterns are forming on the altcoin chart.
On the 4-hour chart of ETH/USDT, the altcoin price remains above the rising trendline of the multi-week ascending triangle and is holding steadily above the 50-period simple moving average, which is a sign of a sustainable bullish trend.
The Aroon Up indicator is currently at 92,87%, while the Aroon Down is at 28,57%, indicating that the uptrend is clearly dominant. To top it all off, the MACD has made a bullish crossover, which once again points to further upside potential for Ethereum.
