Ethereum's Buying Frenzy: Will It Break Through $2,400 and Immediately Surpass the $2,600 Mark?

▲ Ethereum (ETH)/ChatGPT Generated Image ©

In the virtual asset market, while attention is focused on the direction of major altcoins, including XRP (Ripple), large smart money is pouring into Ethereum (ETH), the leading altcoin, aiming for the $2,600 mark.

According to FXStreet, an investment media outlet, on April 23 (local time), aggressive buying pressure entered the Ethereum futures market on Binance, causing the cumulative net taker volume to surge by 72%, breaking past $5.5 billion from $3.2 billion at the beginning of this month. This indicator, which tracks the gap between buy and sell orders in the market to identify price-driving forces, recently hit a two-month high, and its 30-day average has also consistently remained positive since March 1, creating a strong buyer-dominant market not seen since July 2022.

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

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 area was left with unfilled orders when the price rapidly dropped during the sharp decline in February, and as upward momentum strengthens, Ethereum is 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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