Ethereum (ETH) has surged by 15% following the announcement of a trade agreement between the United States and the United Kingdom, outperforming other top cryptocurrencies. On-chain data reveals increased buying pressure, propelling ETH’s price past the $2,000 psychological level toward the $2,100 resistance mark.
Ethereum Rallies on US-UK Trade Agreement
Ethereum’s 15% gain on Thursday was fueled by bullish sentiment surrounding the US-UK trade deal, which slashes base tariffs to 10% and eliminates duties on aluminum and steel. Former President Trump highlighted ongoing advanced negotiations with other nations, easing global trade tensions.
After a Q1 decline due to tariff impositions, ETH has steadily recovered since late April. Institutional interest is evident, with Abraxas Capital purchasing 49,644 ETH via Binance and Kraken, according to Lookonchain.
Key On-Chain Indicators:
- Exchange Reserves: Dropped by 323,000 ETH since April 24, signaling heightened demand.
- Open Interest (OI): Soared to 120.8M ETH ($250.4B), reflecting bullish derivatives activity.
👉 Explore Ethereum’s latest trends
Ethereum Price Prediction: Targets $2,100 Resistance
ETH’s rebound from the $1,800 support** (backed by 14-day EMA and 50-day SMA) has set sights on the **$2,100–$2,250 range, reinforced by the 100-day SMA. A breakout here could confirm a recovery phase.
Technical Notes:
- RSI & Stochastic Oscillator: Both indicate overbought conditions, suggesting strong momentum but potential short-term corrections.
- 24-Hour Liquidations: $188M total**, with longs at **$21.29M and shorts at $166.75M.
FAQs
Q: Why did ETH surge 15%?
A: Positive sentiment from the US-UK trade deal and institutional accumulation drove the rally.
Q: What’s next for ETH price?
A: If $2,000 holds as support, ETH could test $2,100–$2,250. A breakout may signal sustained recovery.
Q: How does Pectra upgrade impact ETH?
A: The upgrade enhances staking efficiency for ETFs, boosting institutional appeal.
Disclaimer: This content is for informational purposes only and not investment advice. Cryptocurrencies are volatile; conduct independent research before trading.
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