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Ethereum Breaks Out: Bullish Momentum Builds as Cost Basis Support Strengthens
- Ethereum has broken out of a prolonged sideways price action, surpassing key accumulation levels and aiming for the next price hurdle.
- Cost basis clusters indicate a solid foundation of support zones between $2,700 and $2,760 for Ethereum.
- On-chain data shows around 2.1 million ETH accumulated in the $2,700 to $2,760 range, suggesting strong support if the price retraces.
- Resistance levels are relatively balanced above the current spot price until $3,400–$3,420, with minimal hindrances observed.
- Short-term volatility has surged post-breakout, with options market reflecting increased demand for hedges and leverage as Ethereum's implied volatility rises.
- Technical analysis suggests Ethereum's momentum holds with resistance thin until $3.4K, dependent on sellers' behavior and broader market sentiment.
- ETH's recent gains of almost 50% this quarter indicate strong momentum, requiring observance of how it navigates the next price range for a sustainable rally.
- Market indicators like spot price performance, cost basis levels, and options market sentiment will play a pivotal role in Ethereum's price trajectory in the near future.
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