Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
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
Facebook Twitter Pinterest LinkedIn Tumblr Email
Can Ethereum Maintain Its Momentum?  Key levels to note
Share
Facebook Twitter LinkedIn Pinterest Email

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

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Leeum World Fair Announcement

September 24, 2025

The FTX distributes bankruptcy $ 1.6 billion this month.

September 20, 2025

Vulnerability or orbit again? BTC has a line at $ 115K

September 16, 2025
Add A Comment

Comments are closed.

Recent Posts

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025

Phemex Revamps Blog To Deliver Deeper Insights And Enhanced Reader Experience

September 25, 2025

T-REX Launches Intelligence Layer To Fix Web3’s Value Distribution Problem

September 25, 2025

Are you doing a fair deal?

September 25, 2025

The method of transforming ASTER WHALES into panic is as follows.

September 25, 2025

Hyperliquid launches USDH Stablecoin issued by Native Markets

September 25, 2025

Hyperliquid’s USDH Stablecoin is broadcast live at an early transaction volume of $ 2M or more.

September 24, 2025

One All-Powerful Asset Across Two Ecosystems

September 24, 2025

BTCC Exchange Partners With NBA All-Star Jaren Jackson Jr. To Inspire Smarter Moves In Sports And Crypto

September 24, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025
Most Popular

Web3 AI company Hyperbolic raises $7 million in seed funding

July 30, 2024

Crypto analysts reveal the catalyst that could push the price above $3,500.

December 2, 2023

SHIB CEO Praises Dogecoin Game Updates Ahead of P2E Launch

August 14, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.