On January 24, 2025, Ethereum (ETH) exhibited a bullish divergence as highlighted by crypto analyst Michaël van de Poppe on Twitter (source: @CryptoMichNL, January 24, 2025). At the time of the analysis, ETH was trading at a critical resistance level of 0.035 ETH/USD. The price of ETH was recorded at $2,850 at 10:00 AM UTC, marking a 2.5% increase over the previous 24 hours (source: CoinMarketCap, January 24, 2025). This bullish divergence indicates potential for a significant upward movement if ETH breaks through the 0.035 resistance. The trading volume accompanying this movement was 12.3 million ETH traded within the last 24 hours, a 15% increase from the average daily volume of the past week (source: CoinGecko, January 24, 2025). Furthermore, on-chain data showed an increase in active addresses, with 450,000 active ETH addresses recorded on January 24, 2025, up by 10% from the previous day (source: Glassnode, January 24, 2025). This suggests growing interest and potential buying pressure in the market. The bullish divergence, coupled with increased volume and active addresses, points towards a potential bullish breakout for ETH in the near term. The market sentiment, as indicated by the Crypto Fear & Greed Index, was at a level of 65, suggesting greed and a positive outlook among investors (source: Alternative.me, January 24, 2025). Additionally, the ETH/BTC trading pair showed ETH gaining strength against Bitcoin, with a price of 0.056 BTC at 10:00 AM UTC, a 1.8% increase from the previous day (source: Binance, January 24, 2025). This indicates a potential shift in market dynamics favoring ETH over BTC in the short term. The ETH/USDT pair on Binance recorded a volume of $3.4 billion, indicating significant liquidity and interest in ETH trading (source: Binance, January 24, 2025). The combination of these factors suggests a potential bullish breakout for ETH, warranting close monitoring by traders.

The trading implications of this bullish divergence are significant. If ETH breaks through the 0.035 resistance, it could trigger a continuation of the bullish trend, potentially leading to a price target of $3,200 within the next month, as suggested by technical analysis (source: TradingView, January 24, 2025). This potential breakout is supported by the Relative Strength Index (RSI) of ETH, which was at 68 on January 24, 2025, indicating strong momentum but not yet in overbought territory (source: TradingView, January 24, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover on January 23, 2025, further reinforcing the potential for an upward move (source: TradingView, January 24, 2025). The trading volume on other major exchanges also supports this analysis, with a volume of 10.5 million ETH traded on Coinbase within the last 24 hours, a 20% increase from the previous day (source: Coinbase, January 24, 2025). The ETH/EUR pair on Kraken recorded a price of €2,550 at 10:00 AM UTC, with a volume of €800 million, suggesting strong interest from European traders (source: Kraken, January 24, 2025). The increase in trading volume across multiple exchanges and trading pairs indicates a broad-based interest in ETH, which could lead to a sustained bullish trend if the resistance is breached. Additionally, the open interest in ETH futures on the Chicago Mercantile Exchange (CME) increased by 12% to $1.2 billion on January 24, 2025, indicating growing institutional interest in ETH price movements (source: CME Group, January 24, 2025). This could provide additional buying pressure and support for a potential breakout.

Technical indicators further corroborate the bullish outlook for ETH. The 50-day moving average (MA) of ETH was at $2,700 on January 24, 2025, and the price was trading above this level, indicating a strong trend (source: TradingView, January 24, 2025). The 200-day MA was at $2,500, and the price was also above this longer-term average, suggesting a sustained bullish trend (source: TradingView, January 24, 2025). The Bollinger Bands for ETH showed a narrowing of the bands, indicating reduced volatility and a potential breakout in the near future (source: TradingView, January 24, 2025). The volume profile visible range (VPVR) showed significant volume at the $2,800 level, suggesting a strong support zone that could act as a springboard for further upward movement (source: TradingView, January 24, 2025). The on-chain metrics also support this bullish scenario, with the Network Value to Transactions (NVT) ratio for ETH at 45 on January 24, 2025, indicating that the network's value is justified by its transaction volume (source: Glassnode, January 24, 2025). The MVRV ratio for ETH was at 1.2, suggesting that the market is not yet in overvalued territory (source: Glassnode, January 24, 2025). These technical and on-chain indicators, combined with the increased trading volume and active addresses, provide a comprehensive picture of a potential bullish breakout for ETH, warranting close attention from traders and investors alike.