Ethereum's Buying Spree Explodes, Will it Break Through $2,400 and Instantly Surpass the $2,600 Mark?

▲ Ethereum (ETH)/ChatGPT Generated Image ©

As attention focuses on the direction of major altcoins, including XRP (Ripple), in the virtual asset market, large smart money is pouring into Ethereum (ETH), the leading altcoin, aiming squarely at the $2,600 mark.

According to investment media FXStreet on April 23 (local time), aggressive buying has flowed into the Ethereum futures market on Binance, with cumulative net taker volume soaring by 72% from $3.2 billion at the beginning of this month to surpass $5.5 billion. This indicator, which tracks the gap between buy and sell orders in the market to identify price drivers, recently hit a two-month high. The 30-day average has also remained positive since March 1, indicating a strong buyer-dominant market not seen since July 2022.

Amr Taha, a renowned virtual asset analyst, diagnosed that the surge in buying interest near local highs signifies strong bullish conviction among market participants, and this sustained demand is giving buyers short-term price control. Currently, Ethereum is consolidating energy just below the $2,400 resistance level, which it has tested three times since February 6. Due to repeated attempts to break through, the density of sell orders above has noticeably thinned.

If the $2,400 resistance wall is successfully breached on the chart, the next target opens up to the $2,475 to $2,634 range, where a fair value gap exists on the daily chart. This range is an area where prices quickly dropped during the February plunge, leaving unfilled orders. As upward momentum strengthens, Ethereum is highly likely to revisit this range to resolve the liquidity imbalance. Furthermore, it is attempting to reclaim the 100-day Exponential Moving Average (EMA), which signifies trend continuation, and the 200-day EMA is also moving towards the $2,634 mark, forming a strong technical target that coincides with the upper bound of the liquidity gap.

Positioning in the derivatives market also supports this bullish scenario. While the cumulative volume delta (CVD) for futures is steadily rising towards $12.6 billion, the funding rate remains at a neutral level, indicating a healthy state without excessive leverage bubbles despite the price increase. The combination of strong buying demand and stable leverage solidifies the liquidity-dense zone between $2,475 and $2,634 as a key short-term target, raising expectations for a further rally.

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