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Market News The Price of Ethereum Might Rebound Soon, According to Technical Analysis

The Price of Ethereum Might Rebound Soon, According to Technical Analysis

Ethereum's price may shortly rebound, supported by approaching key levels and indicators, and an uptrend is possible pending a shift in spot market demand, according to CryptoPotato.

TOP1 Markets Analyst
2024-05-14
10588

 Ethereum 2.jpeg

 

Ethereum's price, which has been declining since the beginning of March, may be approaching a resurgence, per CryptoPotato. The price has been consistently forming lower highs and lows within a descending channel pattern, as shown on the daily chart. Nevertheless, the potential for a market recovery is indicated by the 200-day moving average and the $2,750 support level being in close proximity. A bullish breakout above the $3,000 resistance level could propel the price towards the $3,600 resistance zone and the upper boundary of the channel, where it is presently approaching this level.

 

In recent weeks, the price has fluctuated around the $3,000 mark on the four-hour chart. To the upside, the market has broken through a bearish trendline. With the price maintaining its position above the trendline and surpassing the $3,000 threshold, there is an increased likelihood of a rally towards the upper limit of the channel. The market appears to be experiencing balanced momentum, as indicated by the RSI nearing 50%, but the short-term outcome could be determined as early as today.

 

Significantly influencing the prices of cryptocurrencies in recent years, the perpetual futures market can offer insightful information for forecasting future price movements. In recent months, the Taker Buy Sell Ratio, an indicator that gauges whether purchasers or sellers are executing a greater number of market orders collectively, has exhibited a downward trend on its 30-day moving average. This suggests that the majority of futures traders have been selling Bitcoin aggressively, possibly for hedging purposes or speculation on spot portfolios. Nevertheless, the metric is presently exhibiting indications of recuperation, and its ascent might incite a market upswing due to the reduction in aggressive supply. So long as sufficient demand exists on the spot market, a new uptrend may commence in the near future.

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