Since December 17, 2024, $ETH has been stuck in a downtrend, but now, it has completely broken out with the largest daily candle. As long as Ethereum holds above $2300, its first major target will be to test $2500 and break through the $2850 zone.
Hopefully, it continues to consolidate at these levels because of Key On-Chain Growth that fuels the rebound.
Despite price fluctuations, Ethereum's layer-2 upgrades boosted scalability, with its TVL reaching $64B—nearly triple that of Solana, BNB, and Tron combined ($22.3B). Institutional interest is rising, with World Liberty Financial acquiring 1,500+ ETH worth $3.5M, as per Arkham Intelligence. Market sentiment has turned positive as ETH trading volume jumped to $40.2B. In the past 24 hours, $258M in positions were liquidated, including $122M in shorts. Liquidating shorts creates rapid price spikes, especially when combined with strong buying pressure.
https://preview.redd.it/r6vpkikwswze1.png?width=1814&format=png&auto=webp&s=e8d4c695c004ec22d210e00d0fb1fb8b59e8da7c
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