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Home»ETHEREUM NEWS»Can Ethereum Maintain Its Momentum? Key levels to note
ETHEREUM NEWS

Can Ethereum Maintain Its Momentum? Key levels to note

By Crypto FlexsMay 12, 20243 Mins Read
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Can Ethereum Maintain Its Momentum?  Key levels to note
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Ethereum, the world’s second-largest cryptocurrency, has had a roller coaster ride recently, falling below the psychologically important $3,000 threshold, but has bounced back. Ethereum’s price action has been a confusing mix of bullish and bearish signals.

Bullish whispers: new investors and near-term surge

A recent surge in new addresses on the network has provided a glimmer of hope for Ethereum’s bull run. The number of new Ethereum addresses has surged past 160,000, according to Glassnode data. This is a stark contrast to the low of less than 100,000 in January.

This influx of new users suggests that interest in and potential investment in Ethereum is growing despite recent challenges.

Source: Glassnode

Moreover, technical indicators on the 4-hour chart suggest a near-term uptrend. Analysts at NewsBTC point to increased volatility due to widening Bollinger Bands, which could pave the way for temporary price increases. This strategic move in the market may be aimed at attracting buyers before the prevailing downtrend resumes.

Bearish Shadow Looms: Market Sentiment and Technical Trends

But the joy may be short-lived. The overall market sentiment surrounding cryptocurrencies remains decidedly negative. Despite the brief price recovery, investors should exercise caution, according to data from Santiment, a trend that continues after April’s much-anticipated Bitcoin ​​halving event failed to produce a significant market surge.

😒 Feelings about #Cryptocurrency‘s top stock holdings are still in negative territory. It’s been like that since April 19th. $BTC #bisector Overall, market capitalization did not rise immediately. #Cryptocurrency. High uncertainty could lead small wallets to exit the sector. pic.twitter.com/7FXYheGnX0

— Santiment (@santimentfeed) May 9, 2024

Adding fuel to the downtrend, Ethereum’s daily chart continues to paint a blurry picture. Technical analysts point to the continued breakdown in the price structure as a downward trend, indicating that the downtrend is likely to continue. The relative strength index (RSI) is also below 40, further strengthening the bearish sentiment that is gripping the market.

Ethereum is now trading at $2,904. Chart: TradingView

Chart Patterns and Breakout Potential: A Neutral Perspective

Amid conflicting signals, seasoned trader Peter Brandt offered a more neutral perspective. While analyzing the Ethereum price chart, which Brandt described as “interesting,” he identified two potential technical patterns: flags and channels.

ETH $ETH This is becoming a very interesting chart to me.
The pattern is too long to be considered a flag, but it is most likely a channel labeling.
With this chart you can go either way pic.twitter.com/EeSa7SyAmA

— Peter Brandt (@PeterLBrandt) May 9, 2024

A flag usually means a continuation of the current trend after a brief pause, while a channel allows price movement within a defined range. The ambiguity surrounding the exact pattern suggests a potential breakout in either direction, making Ethereum’s immediate future uncertain.

Ethereum: The Way Forward

Due to conflicting technical signals and negative markets, Ethereum’s future trajectory is still surrounded by uncertainty. Although a short-term price surge is possible, the long-term trend appears to be bearish.

The next few weeks will be critical for Ethereum as it navigates turbulent waters and charts a clear course in the coming weeks and months.

Featured image from Pexels, chart from TradingView

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