Ethereum
Here’s why Ethereum charts could turn bullish now: ETH targeting $4,000?
Despite dominating the crypto market, Ethereum fell to $2,866 earlier today. This is not just about the situation of the ETHs as a whole. crypto market faces another slow day where recoveries are slow and dropping significantly.
Ethereum is heavily affected by market fluctuations neutral feeling, as it has been below $3,000 for days now. Not only that, but its demand in the market is also low. In this blog, let’s discuss whether ETH is likely to stabilize and whether or not there are any bullish indicators.
Ethereum Price Performance Analysis
At the time of writing, ETH is trade to $2,974.66 and jumped 2.63% in the last 24 hours. THE market capitalization also increased similarly, pushing the value to $357,136,464,486. Additionally, the number of transactions is also on the rise, bringing the trading volume to $12,812,028,821.
Ethereum got off to a good start earlier this year when it jumped at $4,000. Although the price was unable to remain stable there, ETH held its price above $3,000 for months before dropping in May. Most investors then recouped their losses as Ethereum was trading even lower the previous year.
Will the price of Ethereum recover?
Ethereum price has already started to recover, but the bears are still active. Most technical indicators at the moment are pointing towards a decline in prices, as selling pressure is greater than buying pressure. THE MACD levelthe simple and exponential average for 30.50, and even the last 100 days speak of the selling zone of this altcoin.
However, Ali has another prediction than the rest. Ali, a famous crypto analyst, posted on X about the possibility of a rebound in the price of ETH. According to his article, TD Sequential indicates a buy signal and Ethereum price could see a rebound of one to four candlesticks.
Final Thought
ETH is currently climbing to $3,000 despite bearish signals. Ethereum will find support above $2,985, reaching $3,000 before facing another correction. This is because the bears are still active for Ethereum and the market is slow. Additionally, the SEC’s decision on Ethereum Spot ETF does not look promising, which adds even more problems to Ethereum’s performance in the market.