The cryptocurrency market has witnessed a notable surge in Ethereum’s price, as the second-largest digital asset jumped 10.66% in just 24 hours. The move pushed the price to $3,647, drawing attention from traders and investors alike. Market data reveals an extraordinary spike in trading activity, with volume reaching $47.87 billion across exchanges.
Leading platforms Binance, Digifinex, and Bybit have recorded the highest trading volumes during this period of increased market activity. The sharp price movement has created waves in the derivatives market, leading to substantial position liquidations. Data shows $56.5 million worth of positions were cleared, with short sellers bearing the brunt of the losses at $47.73 million.
Trading patterns indicate strong activity across multiple currency pairs, with Tether (USDT) emerging as the primary trading partner. Other active pairs include the U.S. dollar, FDUSD, USDC, Bitcoin, Korean won, and euro, showing broad-based participation in the rally.
The market structure reveals robust support forming above the $3,250 level, with price action maintaining stability above both $3,500 and the 100-hour Simple Moving Average.