Significant trading activity has trailed Ethereum in the past 24 hours as it attempts to reclaim the $3700 price level.
- ETH now trades at a two-month high.
- The number of short positions liquidated on 20th May represented the coin’s single-day highest since the beginning of the year.
Ethereum [ETH] has rallied to a two-month high after Bloomberg analysts increased the odds of the Ethereum Exchange Traded Fund’s (ETF) successful launch.
In a post on X (formerly Twitter) on 20th May, Eric Balchunas, a senior analyst at Bloomberg, raised the approval odds for the Ethereum exchange-traded fund (ETF) from 25% to 75%.
Balchunas posted on the social media platform following reports that the United States Securities and Exchange Commission had asked aspiring ETH ETF applicants to update their 19b-4 filings ahead of the deadline this week.
ETH in the last 24 hours
At press time, ETH exchanged hands at $3,648, recording a 17% price hike in the past 24 hours, according to CoinMarketCap’s data. Due to the surge in the coin’s trading activity in the last 24 hours, its trading volume has grown by over 200% during that period.
According to Santiment, ETH’s trading volume has totaled $37 billion, representing its highest since 5th March.
Source: Santiment
During the intraday trading period on 20th May, ETH’s price traded briefly above $3700. This uptick led to the liquidations of several short positions held in the coin’s futures market.
According to Coinglass data, the amount of ETH’s short liquidations climbed to a year-to-date high of $81 million on that day. In comparison, the amount of long positions liquidated on the same day was $26 million.
Source: Coinglass
Further, ETH whales have taken advantage of the price rally. On-chain data has revealed a considerable spike in whale activity in the past 24 hours.
AMBCrypto found that as ETH’s price trended toward $3700 on 20th May, the count of ETH transactions worth over $1 million also increased.
Per Santiment’s data, 1393 transactions of this nature were completed on that day, representing the highest number since 14th April.
On 20th May, transactions worth above $100,000 totaled 11,827. The last time they were this high was on 15th April.
The attention on ETH in the last 24 hours has resulted in an uptick in its social activity. At press time, the coin’s social dominance was 2.28, its highest since February.
With this value, out of every 100 conversations about the top 100 cryptocurrencies, 2.28 discuss ETH, making it slightly above average in terms of discussion compared to other major coins.