Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs
Ethereum has experienced a 35% rally, marking a bullish breakout as it tests key supply levels for the first time since late July. Increased investor optimism is driven by a surge in on-chain activity, with transaction volume on Ethereum’s mainnet reaching its highest levels since July, totaling nearly $60 billion over the past week. This rise in volume indicates renewed market interest and suggests a potential trend reversal after eight months of selling pressure. Currently trading at $3,180, Ethereum is consolidating after a recent high of $3,250, with critical support at $2,950. Analysts anticipate volatility but expect a target of $4,000, which could confirm bullish momentum and lead to new all-time highs if sustained. Maintaining levels above the 200-day moving average is essential for confirming the long-term bullish trend.
