ETHFI Price Explosion Backed by 57% Volume Increase Points to $2.00 Target

• ether.fi (ETHFI) is making a buzz in the crypto market with its remarkable performance. It became a top performer in the last 24 hours
• ether.fi price surged by almost 12% in the last 24 hours, and the daily trading volume increased by 57% suggesting increased buying interest.

Ether.fi (ETHFI) has been a stellar player in the cryptocurrency market, recording impressive returns that have drawn the interest of traders. As per CMC data, the token has soared about 12% in the past 24 hours, and it is trading at about $1.67. The trading volume has gone up by a significant 57% a day, which means that it is being heavily bought and there is solid buying.

The ETHFI technical outlook is a strong bullish case over various periods. Most particularly, the asset has just developed a golden cross formation, with the 50-day EMA ($1.3166) traversing the 200-day EMA ($1.2306). This technical structure is generally considered to be one of the most powerful bullish indicators in technical analysis, and it usually comes before the continuous positive price changes.

To reinforce this positive position, the MACD indicator has shifted sharply to the positive side, with the histogram depicting a growing momentum above the zero line. The convergence of the MACD signal line indicates that the latest price movement has been supported by genuine momentum and not speculative noise. Moreover, the RSI value of 67.82 shows that the asset is on the verge of becoming overbought but has not yet reached extreme levels.

What Next For ETHFI Price?

Source: TradingviewThe sentiment indicator has also turned positive, standing at 0.0250, indicating that the market psychology at ETHFI is improving. This turn of heart usually leads to long-lasting rallies since the positive market sentiment will usually generate more buying pressure from the retail and institutional investors.

Price action-wise, ETHFI has been able to break above critical resistance levels and is currently trading significantly above both moving averages. The existing price arrangement indicates a continuation pattern, and the recent consolidation phase may be a launching pad to the next leg higher.

Technical forecasts indicate a new target of $2.00, which is about 20% higher than the current price. This target coincides with past resistance areas and psychological price levels that tend to become magnets for cryptocurrency prices.

The combination of favourable technical factors, higher trading volume, and a positive shift in market sentiment forms a positive outlook on the further appreciation of ETFs. Nevertheless, traders are advised to watch out for any indication of momentum depletion around the target zone of $2.

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