Last night, Bitcoin experienced a strong surge in the cryptocurrency market, and Ethereum was one of the most notable assets in this rise.
$ETH has surged approximately 20% in the last 24 hours, climbing above the $2,300 level. This rise was driven by increased overall market risk appetite as well as strong inflows into Ethereum ETFs.
While $ETH attracted attention with its significant movement, Real Vision analyst Jamie Coutts assessed Ethereum’s strong upward trend.
Coutts noted that $ETH experienced its eighth largest daily move since 2018 yesterday, but this does not guarantee that the uptrend will continue at the same pace in the short term.
At this point, the analyst states that, based on past patterns, the short-term price direction is largely uncertain, and the probability of the uptrend continuing is roughly equivalent to flipping a coin.
However, the analyst notes that the bullish outlook for Ethereum is strengthening in the longer term. According to the analyst, the probability of Ethereum performing positively, especially in the next three to six months, may be higher than in the short term.
Massive Ethereum Buying! Hourly Volume Reaches $2.55 Billion!
Ethereum attracted attention with its 20% increase, while aggressive buying by investors in the derivatives market also reached remarkable levels.
According to analysis by CryptoQuant analyst MorenoDV, Ethereum taker buy volume across all exchanges surged to $2.55 billion in a single hour on August 19th.
According to the analyst, hourly trading volume in the Ethereum derivatives market reached its third highest level in about six months, driven by increased aggressive buying.
The analyst commented: “Buyers have suddenly started showing a willingness to pay a premium again, and this willingness is at a level rarely seen in the last six months.”
However, the analyst noted that it is not yet clear whether the increase in buyer volume alone is due to new long positions or the closing of short positions.
According to the analyst, understanding this distinction requires specifically monitoring open interest (OI) data and Ethereum’s price movement. If open interest increases while strong buying pressure continues and the Ethereum price remains above the breakout zone, this can be interpreted as a signal for the entry of new long positions. Conversely, if open interest decreases along with large-scale liquidations, this increase is more likely a temporary buying trend resulting from the liquidation of short positions rather than new fund inflows.
At this point, the analyst concluded by saying, “This indicator is not a signal confirming further bullishness for Ethereum,” adding that sustained aggressive buying could be an early signal of broader market participation, but there is also a risk that short-term buying pressure could be exhausted if the rally is absorbed by sellers.
*This is not investment advice.
