The second largest crypto token by market capitalization, Ethereum (ETH), which rose to $3,300 over the weekend, finally showing some form of vitality.This move is believed to be the beginning of the next situation. trend reversal There are some bullish signals on the chart for the crypto token.
Ethereum has a bullish chart
Crypto analyst Derek revealed on X (formerly Twitter) post Ethereum signal is Moving Average Convergence/Divergence (MACD) The index “seems to have ended its decline and turned upwards,” he added. Ethereum dominance chartconfirmed three bottoms and gave a strong rebound.
The analyst explained, “The fact that the stock is leading the rally after confirming the bottom three times means that there is no need for further decline, and there is a strong possibility that there is no intention to do so.'' Interestingly, analysts noted the fact that Ethereum experienced this price rebound without any volume.
Source: X
This phenomenon occurs when individual investors become more active than cautious institutional investors during this period. This immediately brings up recent purchases by Ethereum whales like Justin Sun, who has been a major contributor to Ethereum's recent resurgence.
News BTC recently reported A wallet believed to belong to the TRON founder recently purchased $405 million worth of Ethereum. This wallet and another wallet believed to belong to Sun have accumulated $891 million worth of his ETH since February 12th.On the other hand, NewsBTC also report We're talking about another whale who lost over $4.5 million worth of coveted ETH and yet opened over $17 million worth of new longs.
Other bullish signals for ETH
Crypto analyst Trader Tardigrade recently revealed that Ethereum experienced a decent breakout to the downtrend line on the daily chart of the Bitcoin pair.He is an Ethereum Relative Strength Index (RSI) It also shows the associated breakout. symmetrical triangle.
Crypto analysts claimed that the RSI value is also currently above 50, which is considered bullish for the crypto token. Based on these signals, trader Tardigrade stated that “Ethereum’s time has come.”He also suggested that Other altcoins The moon will be full once Ethereum begins its parabolic upward movement.
Derek also predicted this, saying, “The rise of Ethereum will prompt an explosive rise in altcoins that have been suppressed.''meanwhile share Crypto analyst Crypto Prof echoed the bullish view on Ethereum, saying altcoins are “set to go even higher” as Ethereum rises significantly in the coming months.
Until now, cryptocurrency expert Michael van de Poppe predicted The post-halving narrative shifts to Ethereum and that once the hype around the halving is over, the crypto token and other altcoins will rebound on the Bitcoin pair.
At the time of writing, Ethereum was trading around $3,170, down more than 1% in the past 24 hours, according to Ethereum. data From CoinMarketCap.
ETH price sitting above $3,100 | Source: ETHUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com
