Gate News message: News that the U.S. and Iran have reached a two-week ceasefire agreement and reopened the Strait of Hormuz boosted sentiment, with the price of Ethereum rising by about 9% on Wednesday to $2,257, reaching a new high in several weeks. At the same time, crude oil prices slipped back to below $100 per barrel, easing investors’ concerns about inflation and further supporting a rebound in risk assets. On-chain data shows that the supply of stablecoins on the Ethereum network reached an all-time high, with a total value of about $180 billion—nearly 60% of the global stablecoin supply. Over three years, the growth rate exceeded 150%, indicating that activity in the Ethereum ecosystem is strengthening significantly.
Stablecoins are seen as an important foundation for decentralized finance. A surge in supply implies that network trading and settlement activity are increasing, providing support for Ethereum to attract more retail and institutional investors. From a technical standpoint, Ethereum’s price has continued to trade in a range above the rising trendline support level since February this year, with clear buying pressure from the bulls on dips. The MACD indicator lines have broken upward through the zero line, and the RSI is forming an upward channel, suggesting the current rebound trend remains strong, though it is gradually approaching the overbought zone.
In the short term, the key resistance level is $2,384. If the price can break through effectively and be accompanied by strong trading volume, there is potential to challenge the psychological level of $2,500. If the price falls back below $2,200, it may test the $2,100 support area again—an area that is also where the long-term trendline is located. Analysts believe that the new all-time high in network stablecoin supply provides solid fundamental support for Ethereum’s price, but investors still need to watch changes in macro events and technical indicators to gauge the next phase of the market.
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