ETH, the cryptocurrency native to the Ethereum ecosystem, has been driving upwards since mid-October of the current year.
Recent price activity shows there may be more growth to come, but traders must be cautious and look out for market revelations before going ahead with any decision.
ETHUSD - 1 Day Time Frame
Looking into the chart above, the areas marked in green and red are zones of liquidity accumulation.
Green areas represent buy positions, while the red area highlights the price range where sell positions have been initiated.
Currently, there is a significant accumulation of buy orders around the $2020 mark.
Amid the revitalization of the crypto market, ETH witnessed a 15% jump in price during the past month, and a 75% climb year-to-date.
Market participants are eying the latest revelations for ETH, particularly surrounding the approval of an Ethereum exchange-traded fund (ETF).
This revelation would mark a significant development in the crypto world, and hence, traders should be vigilant as the market’s reaction following any major decision(s) may be drastic.