The Ethereum price is back in the spotlight as it aims for the $2.5K mark, with bullish momentum returning to the scene after ETF rumors. Recent movements indicate a shift from a bearish to a bullish sentiment, with ETH finding sturdy support around the crucial 100-day moving average. About 5 days ago, we predicted $BTC going back to the 45K levels and we got there. Today we take a look at $ETH.
Let’s break it down in simple terms:
Ethereum Price Daily Chart Vibes
Looking at Ethereum’s daily chart, things are looking up. The 100-day moving average, a key indicator, has been holding strong at $2225, giving Ethereum the boost it needed. Currently, ETH is eyeing a crucial resistance area, sitting at the lower end of an expanding wedge pattern and the static $2.6K zone.
Breaking through this resistance could mean big things for Ethereum, possibly leading to more action and excitement in the market. So, keep an eye on how Ethereum behaves around this important zone to get a hint of where it might be headed next.
What’s On-chain Saying?
Now, let’s peek into what the on-chain analysis tells us. We’re looking at Ethereum’s exchange netflow metric, which basically tracks the movement of coins in and out of exchanges. When the metric is positive, it means more coins are entering exchanges, possibly signaling increased selling pressure. Conversely, negative values suggest coins are leaving exchanges, hinting at accumulation.
What’s interesting here is that every sustained uptrend in Ethereum’s price has coincided with the netflow metric dipping into the negative zone. Currently, after a period of consolidation, we’re seeing a decline in the metric, hinting at potential accumulation once again.
In a nutshell, Ethereum is making moves, aiming for that $2.5K milestone. With bullish sentiment back in play and signs of accumulation, the mid-term outlook appears promising. Keep an eye on Ethereum’s behavior around that critical resistance zone for clues about its next move!
If you enjoy our content, you can support us by signing up for a Bybit Account with our referral link. Don’t forget to claim your bonuses if you buy/sell or trade crypto.
You might also like our other trading content.