Bitrabo Editorial
Ethereum (ETH), the world’s second-largest cryptocurrency, appears to be gearing up for a potential upward movement as various indicators turn bullish. This optimistic momentum, likely fueled by increased market buying pressure, has sparked hope for Ethereum’s near-future outlook.
In this piece, we will delve into the bullish indicators signaling Ethereum’s potential for gains and explore the implications for its price trajectory.
Key Signals Indicating an Upward Trend
The current price of ETH is showing bullish momentum on the 4-hour chart as it aims to surpass the 100-day Simple Moving Average (SMA) and the bearish trendline. Maintaining a positive sentiment after crossing above the $3,051 mark, Ethereum could potentially initiate a rally towards the $3,360 resistance level.
Moreover, the 4-hour Relative Strength Index (RSI) formation suggests that ETH’s price might trend upwards to challenge the $3,360 resistance level. The RSI signal line has maintained a bullish stance above 50% and is on an upward trajectory towards the overbought zone.
Despite trading below the 100-day SMA and bearish trendline on the 1-day chart, Ethereum is making efforts towards a bullish movement to reach the $3,360 resistance level.
Since surpassing $3,051, Ethereum has displayed bullish resilience, maintaining its position above this level. With the recent bullish momentum, a breakthrough above both the bearish trendline and 1-day SMA could trigger a bullish rally.
Examining the formation of the 1-day RSI, Ethereum is likely to sustain its bullish run above the 1-day SMA and bearish trendline towards the $3,360 resistance level, as the RSI signal line exits the oversold territory and inches towards 50%.
Evaluating Ethereum’s Growth Potential
If Ethereum manages to rally towards the $3,360 resistance and closes above it, the next target could be the $3,659 resistance. Breaking this level might lead to further price appreciation towards the $3,975 resistance and potentially higher levels.
In case of a pullback at $3,360, Ethereum could retreat towards the $3,051 support level. Additionally, a further decline might see ETH testing the $2,865 support and potentially lower levels if this support is breached.
Currently trading around $3,156, Ethereum has seen a 2.73% increase in the past day, with a market capitalization exceeding $379 billion and a trading volume of over $11 billion. Over the same period, market capitalization has grown by 2.77%, while trading volume has dropped by 27.64%.