Price Action: $ETH has recently broken past the $3,300 mark, trading around $3,335 🚀. This follows a strong 7% surge in the last 24 hours, driven by solid network activity and high trading volumes.
Liquidations: A massive wave of nearly $700 million in short positions was liquidated recently, providing "mechanical" fuel for this upward move 💨.
Support & Resistance: * Support: Strong floors are established at $3,135 and $2,855 🛡️.
Resistance: The immediate hurdle is $3,600, with analysts eyeing a potential rally toward $3,945 or even $5,000 later this year 🎯.
🔍 Technical & Fundamental Highlights
Institutional Interest: Major players like Bitmine are heavily stacking and staking ETH, adding hundreds of thousands of coins to their holdings. This suggests long-term institutional confidence 🏦.
Network Health: Increased network activity and the upcoming Fusaka upgrade are keeping the narrative bullish. The deflationary "burn" mechanism (EIP-1559) continues to tighten supply as activity rises 🔥.
Sentiment: While the price is rising, the Fear & Greed Index still shows a bit of caution ("Fear/Neutral"), meaning the market isn't overly euphoric yet—which often leaves room for more upside 🧘.
