Ethereum's price has now exceeded the $3,800 mark, sparking renewed enthusiasm in the investment community following its rebound.

Decentralized cryptocurrency Ethereum ETH has experienced a significant price hike, reaching as high as $3,868, which signals a recovery from the previous day's downturn.

The positive price action for Ethereum continues, with its value surpassing $3,650 in sync with the movements observed in Bitcoin (BTC). During this time, Bitcoin reached new heights by trading above $69,000, and Ethereum also climbed over the $3,800 level before facing some selling pressure. surge Following a peak at $3,827, the market reacted bearishly, causing a steep decline towards the $3,200 support zone. This pullback saw the crucial bullish trend line, with support at $3,620, being penetrated on the ETH/USD hourly chart. The lowest point hit was $3,211, but the cryptocurrency is currently in recovery mode.

As of now, the price of ETH stands at $3,868, showing a daily increase of 4.40%, according to data from CoinMarketCap.

Ethereum is on track for ongoing growth.

Experts believe that Ethereum's prices are likely to see sustained increases in the near future, due to several contributing factors.

One major factor behind this optimistic outlook for ETH is the decreasing availability of the token in the market. On-chain market indicator Glassnode reports that the amount of ETH held in exchanges has hit a 20-month low of 13.14 million ETH, following a decrease of 7.7% over the last three months.

Another significant element affecting the availability of ETH is the amount of Ethereum being staked on the Beacon Chain. Recent data from Dune Analytics reveals that over 31.58 million ETH, equating to approximately $119.8 billion at present prices, is currently staked in Ethereum's proof-of-stake ecosystem. This means that around 26.3% of the total ETH supply is locked away and not accessible for trading, involving over 987,000 validators. cryptocurrency exchanges Additionally, the heightened demand for leverage has resulted in an increase in open interest for Ethereum futures, climbing to around $11.98 billion, which is nearing the all-time high of $13 billion set in November 2021. According to Coinglass, the open interest for ETH futures broke through the $8 billion landmark on February 12th and remained under this threshold for the better part of two years, but has surged nearly 50% within a span of two weeks, indicating a rising interest in leveraged ETH positions.

As Ethereum shows signs of recovery and the market dynamics appear favorable, the cryptocurrency seems well-positioned for lasting upward movement. rising quantity Please remember that the information contained on this page does not constitute legal, tax, investment, or financial advice in any form. It's crucial to only invest what you can afford to lose, and to seek independent financial consultation if you are uncertain. For more information, we recommend reviewing the terms and conditions, as well as the help and support sections provided by the issuer or advertiser. MetaversePost aims to deliver accurate and unbiased reporting, but market conditions may change unexpectedly.

Alisa, a committed journalist at Cryptocurrencylistings, specializes in the fields of cryptocurrency, zero-knowledge proofs, investments, and the vast landscape of Web3. With a sharp eye for emerging trends and technologies, she provides extensive coverage designed to inform and engage readers as they navigate the ever-changing world of digital finance.

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