As key metrics approach $1 trillion, Ethereum prices form a huge hammer

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Ethereum Price formed a huge hammer candle-standing pattern on its weekly charts, pointing to a big comeback as the influx of funds trading on the exchange rose and the adjusted Stablecoin volume jumped to nearly $1 trillion.

summary

Ethereum Price formed a hammer candlestick pattern on its weekly charts.
Adjusted monthly Stablecoin volume rose to nearly $1 trillion.
This week, there is a continuing influx of Spot Ethereum ETFs.

Ethereum boosted by Stablecoin growth and ETF influx

Ethereum (ETH) traded at $4,450 on Thursday, up over 15% from last week’s lowest level. The 24-hour volume rose to $46 billion, and open interest on futures skyrocketed nearly $60 billion.

The ongoing ETH price jump coincided with the ongoing Crypto Market Rallyas Traders, supporting the Federal Reserve’s interest rate cuts and the probability of an upcoming Crypto ETF approval season.

Ethereum prices also rose due to continued demand from American investors. Data compiled by SOSOValue shows that Spot Ethereum ETF added more than $80 million in assets on Wednesday, bringing weekly inflows to more than $755 million. This week’s inflow is a sharp turnaround after pouring $795 million last week.

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More data shows that Ethereum is benefiting from the stability of ongoing demand. Artemis Datashows has seen Stablecoin supply in the network rise by 5.8% over the past 30 days to $162 billion.

More data shows that the volume of adjusted transaction increases by 15% to $91 billion. This means it could soon exceed $1 trillion. These are a huge number considering PayPal has total payments of $48 million over the last 30 days.

The rest of the Ethereum Network is on track, with the total value locked to its distributed finance networks recently skyrocketing to a high of over $200 billion.

Ethereum price technology analysis as a hammer form

The weekly time frame chart shows that Ethereum prices bottomed at $3,828 last week as the crypto market crashed. It formed a hammer candlestick. It is one of the most common bull-inverted candlestick patterns, characterized by a body and long underneath shadow.

Ethereum also retested key support levels at its highest level in March and December last year at $4,100. Breaks and retests usually check for continuity patterns.

The coin is also above the 50-week and 100-week index moving averages (EMA).

So the coin could continue to rise as the Bulls target $4,955 from the start of the year. Moves beyond that target will show more profits towards more than $5,000.