Ethereum has seen a significant surge of 20% in the last 24 hours, reaching an all-time high price point of $2,331. This impressive climb is driven by substantial short liquidations and increased activity in derivatives markets, with futures volume soaring by 184%. The current momentum suggests potential for sustained upward movement. Ethereum’s price broke out from a long-standing resistance level, surpassing the $2,200 mark and challenging key resistance at $2,386 and $2,550. However, the rising MACD indicator points towards an overbought condition, prompting a potential short-term pullback. A retest of the previous support level at $2,232 could provide a robust base for continued gains. The Ethereum/Bitcoin ratio remains at its lowest point since 2019, indicating the potential for outperformance and suggesting investors are shifting their focus to altcoins amidst market volatility.