- ETH was up by more than 6% over the last seven days.
A few of the metrics suggested that the bullish momentum might not last.
As an experienced analyst, I’ve seen my fair share of market trends and price movements in the cryptocurrency space. And while Ethereum’s [ETH] recent surge above 6% in just seven days was impressive, it raised some concerns for me based on certain metrics.
Ethereum [ETH] caught investors off guard as its price gained bullish momentum on the 17th of May.
As the token’s price climbed higher, it surpassed a bullish chart formation, potentially paving the way for Ethereum to reach $4,000 within the near future.
Ethereum eyes $4k again
Last week brought pleasant gains for Ethereum investors, according to CoinMarketCap’s figures, with the token’s value increasing by over 6% and resulting in profitable returns.
As a crypto investor, I’ve noticed an exciting development in the past few hours. The value of Ethereum (ETH) has risen by more than 2.6% within the last day. Currently, ETH is being traded at $3,108.31, and its market capitalization exceeds $373 billion.
Last week, the bullish price movement significantly boosted the social activity surrounding the token, with its Social Volume staying elevated.
The Weighted Sentiment for Ethereum shifted positively, indicating that optimistic views on ETH prevailed in the market.
Due to the price increase, Ethereum surpassed a bullish trendline, implying a potential price surge toward $4,000.
Recently, the well-known crypto analyst, World Of Charts, drew attention on Twitter to Ethereum (ETH) surpassing the resistance level in a descending triangle formation.
As a researcher studying Ethereum’s price movements, I’ve noticed that a distinct pattern emerged on its chart towards the beginning of March. Since then, Ethereum has been trading within this pattern, exhibiting a period of consolidation.
The tweet indicated that a breakout could lead to a 50% increase in Ethereum’s price, thereby enabling it to surpass the $4k mark once more.
What to expect in the short term?
An analysis by AMBCrypto was conducted on Ethereum’s metrics to determine if there were any indications that the cryptocurrency could reach $4,000 in the near future.
As a researcher analyzing data from CryptoQuant, I discovered that the net deposit amount of Ethereum (ETH) into exchanges was lower than the average of the previous seven days. This observation suggests reduced selling pressure for ETH at this time.
The Coinbase buying fee, representing the excess amount U.S. investors were willing to pay over the market price, served as a favorable sign. Yet, there were some bearish indicators concerning Ethereum as well.
Based on the analysis by AMBCrypto using Glassnode’s data, it was found that Ethereum’s Network Value to Transactions (NVT) ratio experienced a significant increase. An upward trend in this metric may indicate that the asset is overvalued, potentially signaling a price decrease.
The Money Flow Index (MFI) for Ethereum signaled a potential price decrease based on its reading, but the Moving Average Convergence Divergence (MACD) showed a bullish signal with a crossing of its lines.
The Chaikin Money Flow (CMF) also supported the bulls as it went northward.
Read Ethereum (ETH) Price Prediction 2024-25
As a researcher studying the potential outcomes of Hyblock Capital’s ongoing bull rally for Ethereum (ETH), I examined their data to identify key areas where liquidations might occur if the trend continues. My analysis revealed that ETH could approach the $3,200 threshold before encountering significant resistance from liquidation orders.
As a market analyst, I would interpret the current situation as follows: If Ethereum (ETH) manages to surpass its resistance level and have a successful breakout, it could potentially reach heights of around $3,500 in the coming days. This bullish trend might then pave the way for further growth targeting $4,000.
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2024-05-19 01:11