Ethereum is one of the cryptocurrencies showing rapid strength, maintaining significant gains since the trend reversed in early 2023. The strength over the past few weeks has led to notable strength in the second-largest token, which in turn has reached a pivotal resistance level. Previously, it faced a massive rejection that saw the price fall 20%, taking it closer to $2,100.
Meanwhile, there has been a significant increase in trader interest in the token, which could lead to a significant uptick soon.
ETH price is back above $2300 after recovering losses incurred during the recent plunge. Since then, an increase in trading activity has been recorded, which suggests that the price may soon reach high levels. Depending on the Data from SantimentDaily network growth has increased by 28%, with over 400,000 unique addresses interacting with the Ethereum network every day.
With this, ETH price is testing the important resistance of $2387, which is believed to turn the tables for the token. Cryptocurrencies have always been rejected when testing these levels. However, this time the bulls are expected to break the level as buying volume increases, which could help the price rise above $2400 before the end of the month.
Additionally, Bitcoin and Ethereum holdings are leaving exchanges following ETF approval. Interestingly, over the past five weeks, 4% of Tether (USDT) supply has flowed back into exchanges. This represents a notable increase in purchasing power that could have a significant impact on the price of ETH in the future. So, if Ethereum can close the month above $2274, it would be in position to see a repeat of this month’s range-limiting move and surge past $2700.