Ethereum is eyeing a crucial move to highs of $2,300 as broader cryptocurrencies demonstrate fresh resilience as escalating geopolitical tensions drive oil prices higher.
The price of ETH rose on Monday morning as Bitcoin’s surge to nearly $74,000 pushed altcoins higher, coming amid a fresh surge in oil prices.
US stock futures gained slightly, even as crude oil jumped above $100 per barrel.
ETH gains as BTC jumps on fresh oil surge
The latest market outlook has cryptocurrencies holding firm despite downside sentiment as the US-Iran war escalates.
US stock futures traded slightly higher amid reports of a US strike on Iran’s Kharg Island, which handles roughly 90% of the country’s crude exports.
West Texas Intermediate (WTI) crude soared past $100 a barrel again, reigniting inflation fears.
Bitcoin jumped to intraday highs of $73,984, and Ethereum, which has turned the $2,000 mark into a key support level, crossed to highs of $2,270.
Ethereum last traded around these levels in early February.
Over $135 million liquidated, whales accumulate
Nearly $135 million worth of liquidations have hit ETH positions in the past 24 hours, with over $123 million of these being short positions.
Data from CoinGlass indicates that more than 12,811 traders were liquidated worldwide as Ethereum prices rose.
Ether’s gains come amid whale accumulation, heightened network activity, and institutional inflows, with the altcoin recently retesting the resistance around $2,150 as spot ETFs attracted further net inflows.
Meanwhile, ShapeShift founder Erik Voorhees is among the notable whales to aggressively add to their ETH holdings this past week.
Lookonchain also shared on-chain details showing that a newly created wallet 0x352a has withdrawn 20,000 ETH, worth about $44.8 million, from Coinbase.
These trends are likely to gather pace as oil’s rally amplifies US dollar strength, potentially curbing Fed rate cuts.
Can ETH break above $2,500 this week?
Ethereum’s price outlook is bullish on the daily chart, with technical indicators flashing green amid the oil-fueled market pivot.
Currently, bulls are testing resistance above the $2,200 mark as ETH breaks a horizontal channel.
Prices are above the 50-day simple moving average and the descending trendline, which aligns with the 100-day moving average, could provide the next supply zone around $2,599.
The Relative Strength Index (RSI) at 62 indicates room for upside before overbought conditions come into play, while the MACD histogram shows increasing bullish momentum.
If volume profiles confirm growing buyer conviction, another week of spot ETH ETF inflows and bullish reaction to the Fed decision could jolt ETH higher.
However, there must be a decisive close above $2,230 (recent support level) for buyers to unlock the next leg up.
A drop below $2,127 (50 SMA) risks a bearish retest of $2,000 or lower.
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