- Ethereum’s price declined by more than 3% in the last 24 hours.
A key indicator suggested that ETH was near its market bottom.
As a seasoned crypto investor, I’ve witnessed the ups and downs of Ethereum’s [ETH] price throughout the years. The recent 3% decline in ETH’s value within the last 24 hours is concerning, but it could also be an opportunity for long-term investors like myself. Milkybull’s analysis suggests that we might be at the final stage of the accumulation phase for altcoins, making Ethereum a potential buy.
Ethereum [ETH] bears continued to dominate the market as the token’s weekly chart remained red.
The current state of affairs could shift dramatically, given the new information that suggests the accumulation phase for altcoins may have reached its final stage.
As a market analyst, I’ve observed that Ethereum, being the largest altcoin globally, holds significant potential for bullish growth based on historical trends and current market conditions.
Last chance to buy ETH
According to CoinMarketCap’s latest update, Ethereum’s price had dipped by approximately 3.5% in the previous week. At present, Ethereum was being exchanged at the price of $3,553.33 and held a market capitalization above $426 billion.
Milkybull, a renowned cryptocurrency analyst, recently shared on Twitter that altcoins were mirroring their behavior from 2020, leading to an extensive altcoin rally at the time.
In the year 2020, the total value of altcoins surpassed the resistance line of their pennant chart formation, leading to a significant price surge. The emergence of another pennant pattern in 2022 could indicate that this is a final chance for investors to purchase altcoins like Ethereum at relatively lower prices before another potential bull market takes off.
According to my observation as a crypto investor, Santiment’s data indicated that there was a promising opportunity in the market, but based on AMBCrypto’s analysis, it seemed that many investors failed to seize it.
As a researcher studying the cryptocurrency market trends, I discovered that the amount of Ether (ETH) being traded on exchanges decreased noticeably within the past week. Moreover, there was a substantial rise in the supply of ETH held on these trading platforms. This observation implies a significant increase in selling pressure for the token.
Is Ethereum awaiting a rally?
As a researcher investigating Milklybull’s analysis suggesting a potential bull market, I decided to delve deeper into Ethereum’s on-chain data to determine if there were any indicators supporting the possibility of an upcoming price increase.
As an analyst, I’ve noticed that Ethereum’s Pi Cycle Top indicator signaled that Ether was approaching a market bottom based on its data. This could potentially indicate an upcoming price increase for Ethereum.
Should the specified conditions be met, Ethereum’s price could potentially rise to $4,920. Notably, the Pi Cycle indicators are constructed using Ethereum’s 111-day moving average and a twofold version of its 350-day moving average.
At the current moment, Ethereum’s fear and greed index stood at 38%, indicating that investors were primarily in a state of fear. This situation could potentially pave the way for ETH to experience a bullish surge.
When the metric hits that threshold, it’s a sign that the probability of an Ethereum (ETH) bull market is significant. To gain more insight into the behavior of Ethereum, we examined its 12-hour chart in detail.
The technical indicator MACD displayed a bullish crossover.
Read Ethereum’s [ETH] Price Prediction 2024-2025
Alternatively, the RSI indicator, among others, signaled a negative trend. Specifically, it showed a decrease in value.
The Chaikin Money Flow indicator mirrored a downward pattern, implying that Ethereum’s bull market may not start right away.
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2024-06-17 17:11