The second largest cryptocurrency token by market capitalization, Ethereum (ETH), finally showing some form of life as it rose to $3,300 over the weekend. This movement is considered a full-fledged start. trend reversal For crypto tokens, there are several bullish signals on the charts.
Ethereum has a bullish chart.
Crypto analyst Derek revealed this on X (formerly Twitter). post Ethereum’s signal is Moving average convergence/divergence (MACD) The indicator said, “It appears that the decline has ended and has turned to an upward direction.” He also emphasized: Ethereum dominance chartIt confirmed three bottoms and showed a strong rebound.
The analyst explained, “Leading a rebound after confirming the bottom three times means that further declines are unnecessary and there is a high possibility that there is no intention to do so.” Interestingly, the analyst noted that Ethereum experienced this price bounce with no trading volume.
Source: X
This phenomenon occurs when individual investors are more active than more cautious institutional investors during this period. This immediately shows recent purchases by Ethereum whales like Justin Sun. This is because they have greatly contributed to Ethereum’s recent resurgence.
NewsBTC recently reported A wallet believed to belong to the founder of TRON recently purchased $405 million worth of Ethereum. This wallet and another suspected to belong to Sun have accumulated $891 million worth of ETH since February 12. Meanwhile, NewsBTC also reported It describes another whale who, despite losing $4.5 million worth of ETH, initiated another buy worth over $17 million.
Other Bullish Signals for ETH
Crypto analyst Trader Tardigrade recently revealed that Ethereum experienced a significant breakout of the downward trend line on the daily chart of the Bitcoin pair. He is Ethereum’s Relative Strength Index (RSI) also symmetrical triangle.
The cryptocurrency analyst claimed that the value of RSI has also now crossed 50, which is considered bullish for the cryptocurrency token. Based on these signals, Tardigrade trader said, “It’s time for Ethereum.” He also suggested: Other altcoins If Ethereum starts to rise parabolically, it will run.
Derek also predicted this, saying, “The rise of Ethereum will lead to an explosive rise in altcoins that have been oppressed.” while dividing Crypto analyst Crypto Prof echoed his bullish sentiments on Ethereum, saying he expects the altcoin to “move more” as Ethereum trades much higher in the coming months.
Previously, cryptocurrency expert Michaël van de Poppe predicted The story will shift to the aftermath of the Ethereum halving, and once the halving hype is over, cryptocurrency tokens and other altcoins will bounce off the Bitcoin pair.
At the time of writing, Ethereum is reportedly trading at around $3,170, down more than 1% in the last 24 hours. data From CoinMarketCap.
ETH price sitting above $3,100 | Source: ETHUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com
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