Rise without positive news…Ethereum 'fake rally' debate

▲ Ethereum (ETH) ©

The rise of Ethereum without clear positive news is analyzed to be due to the overall inflow of funds into the market.

According to CoinMarketCap, a cryptocurrency market tracking site, on April 11 (local time), Ethereum (ETH) rose by 2.44% over 24 hours to reach $2,232.66, surpassing the overall cryptocurrency market's rise of 1.5% during the same period. Major assets, including Bitcoin, which rose by 1.73%, showed a simultaneous upward trend.

This rise is interpreted as having a strong "beta rise" characteristic, driven by an improvement in overall market sentiment rather than specific coin issues. In fact, as the Fear & Greed Index recently eased from 'Fear' to 'Neutral' levels, funds flowed into the broader cryptocurrency market, and Ethereum also appears to have followed this trend.

No significant individual positive news was identified. Derivative market events such as a surge in on-chain activity, changes in open interest, or large-scale liquidations were also not apparent, suggesting that the upward momentum stemmed from a recovery in overall market investor sentiment rather than specific factors.

However, the 13.52% decrease in trading volume during the ascent is considered a variable. A rise without an increase in trading volume raises questions about the sustainability of the trend, and it is pointed out that an increase in trading volume must accompany any further upward movement.

In the short term, maintaining the $2,200 support level is considered a key turning point. If this level is held, a retest of the $2,300 resistance is expected, but if it breaks, there is a possibility of a correction down to $2,100. The market anticipates a cautious upward trend to continue for the time being.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*