- ETH is up more than 7% in the last 24 hours.
- Indicators and indicators looked bullish for the token.
Ethereum (ETH) The massive price decline seemed to be over as the price of the king of altcoins rose over the past 24 hours.
In fact, AMBCrypto’s analysis suggests that things could turn optimistic for the king of altcoins, which could allow ETH to regain some of its lost value.
Ethereum is shaking
The cryptocurrency market witnessed a crash on April 12, which had a significant impact on the price of ETH.
The downward trend brought the price of the altcoin below $3,000, causing alarm and panic among investors.
However, in the past few hours, the market trend has changed with most cryptocurrency daily charts turning green.
Sjuul, founder of AltCryptoGems and renowned cryptocurrency analyst, recently posted the following: Twitter It turns out that a bull market could begin if ETH rises above $3,050.
The good news is that ETH has risen above that level. According to CoinMarketCapETH is up more than 7% in the last 24 hours.
At press time, it was trading at $3,257.33, with a market capitalization of over $391 billion.
To see if this is the start of a full-fledged recovery, AMBCrypto checked Ethereum’s on-chain metrics.
Analysis on CryptoQuant data The fact that foreign exchange reserves are decreasing means that selling pressure has decreased.
Source: CryptoQuant
Upon further analysis, we discovered several other bullish indicators. For example, the token’s active addresses increased by 12%. Meanwhile, trading volume also surged by nearly 10% compared to yesterday.
Additionally, ETH’s funding rate was in the green. This means that long position traders dominate and are willing to pay short position traders.
What is the next possible goal?
AMBCrypto then analyzed Ethereum’s daily charts to determine the likelihood of the token’s price rally continuing. ETH’s Relative Strength Index (RSI) recorded a sharp rise on April 15th.
The Money Flow Index (MFI) also continued a similar trend, suggesting continued price rises. ETH price rebounded from the lower Bollinger Band, suggesting that the rally may continue.
Source: TradingView
read Ethereum (ETH) price prediction 2024-25
A look at data from Hyblock Capital shows that there are quite a few levels ETH could reach this week if the bullish rally actually continues. The first target for ETH could be $3.34,000 with liquidations likely to increase at that level.
A successful breakout above that could result in ETH reaching $3.6k or even $3.8k in the following days.
Source: Hiblock Capital