Ethereum Jumps 7% in 24 Hours—Is Now the Time to Get In?

▲ Ethereum (ETH)

Ethereum (ETH) has broken through key technical resistance levels and is staging a strong rebound that outpaces Bitcoin (BTC), as capital inflows into the derivatives market accelerate.

According to CoinMarketCap on February 13 (local time), Ethereum rose 6.82% over the past 24 hours to $2,052.66, outperforming Bitcoin’s 4.71% short-term gain. With no particular bullish catalyst identified, the rally is attributed to a broader recovery across the cryptocurrency market and the buildup of positive derivatives positions.

The primary driver of the surge lies in a technical breakout accompanied by strong trading volume. Ethereum surpassed both its 7-day simple moving average of $2,042.59 and its 30-day simple moving average of $1,963.84 in succession, signaling a shift from a downtrend to a short-term uptrend. Notably, the 24-hour trading volume reached $20.83 billion, supporting buying pressure, while the Moving Average Convergence Divergence (MACD) histogram turned positive, suggesting accelerating momentum.

Broader market trends and leveraged capital inflows also fueled the rise. The total cryptocurrency market capitalization increased by 4.21%, indicating a market-wide recovery, while crypto open interest surged 18.01% within 24 hours. This suggests that new capital and speculative bets have entered the market in large numbers, highlighting that the rally reflects improved overall investor sentiment rather than Ethereum-specific dominance.

However, with the Relative Strength Index (RSI) currently at 69.86 and nearing overbought territory, the possibility of a short-term correction cannot be ruled out. Market analysts note that if Ethereum maintains its price above the daily pivot level of $2,047.34, it may target the recent swing high of $2,069.46. Conversely, maintaining support at the 50% Fibonacci retracement level of $1,983.40 is essential to preserve the health of the uptrend.

Ultimately, whether Ethereum can decisively flip the $2,069 resistance level into firm support within the next 24 to 48 hours will be the key factor in confirming a broader trend reversal. Failure to hold this range could see the price revert to sideways movement between $1,983 and $2,069, requiring continued close monitoring by investors.

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