Ethereum is among the cryptos that trade with acute strength, maintaining a significant upswing ever since the trend flipped at the beginning of 2023. The bullish push in the last few weeks has induced notable strength in the second-largest token, which is again approaching the pivotal resistance level. Previously, it faced a massive rejection that dragged the levels down by 20% to reach close to $2100.
Meanwhile, the trader’s interest in the token has increased to a large extent, due to which a significant upswing could be on the horizon.
The ETH price has returned above $2300 after recovering from the loss incurred during the recent plunge. Ever since then an increase in trading activity has been recorded, which suggests the price may soon range high. As per the data from Santiment, the daily network growth has registered a rise of 28%, with more than 400K unique addresses interacting with the Ethereum network per day.
With this, the ETH price is testing the crucial resistance at $2387, which is believed to turn the tables for the token. Crypto has always faced rejection on testing these levels; however, this time the bulls are expected to breach the levels as the buying volume is piling up, which could help the price rise above $2400 before the end of the month.
Besides, the Bitcoin and Ethereum reserves are moving out of the exchanges after the ETF approvals. Interestingly, 4% of the Tether (USDT) supply has also flown back to the exchanges in the past 5 weeks. This indicates a notable rise in buying power which may have a significant impact on the ETH price in the coming days. Therefore, if Ethereum is able to close the monthly trade above $2274, it would position itself for a repeat of this month’s range-bound move and surge beyond $2700.