Ethereum (ETH) Rockets 26.78% in a 24-Hour Rally, Surging Market Cap by $66B

In a 24-hour rally that started in earnest on May 8, Ethereum (ETH) rocketed 26.78% to its press time price of $2,451.

The price of Ethereum (ETH) shot up 26.78% in a 24-hour rally that began on May 8, reaching its press time value of $2,451.

The token's valuation increased by almost exactly $66 billion as part of the move, which began around 08:00 UTC. Early on May 8, the token's valuation amounted to $232.84 billion, while at press time in the morning of May 9, it hit $298.88 billion.

At the same time, the cryptocurrency's latest rally has opened the possibility for it to at least participate in the coming bull runs. ETH has been noted in recent months for offering only tame reactions to relatively widespread upswings, despite tending to fall together with the market in the downswings.

The potential for further gains will depend on its ability to overcome the other two nearest resistances and remain above the closest support should a strong correction begin.

The token has already soared past its closest resistance, which was located at the price level of $2,336.90. As of press time on May 9, it is eying the levels at approximately $2,476.25 and $2,739.65. In case of a correction, it must remain above $1,934.15 to confidently retain the uptrend.

Examining the long/short ratio, it is encouraging to see it at 1.633 and above the May 8 lows, which might indicate that the rally is yet to generate significant bearish pressure.

The balance between long and short positions paints a similar picture, as it is, in fact, lower in the shorter time frames. The 24-hour value stands at 39.28%, while the 4-hour one is at 37.60%, according to the data Finbold retrieved from Coinalyze.