- Ethereum price has risen over 2.5% in the past 24 hours
- Most indicators and market indicators looked bullish on the ETH chart
As market sentiment has changed over the past few hours, Ethereum [ETH] I got the same benefit as the daily chart turned green. However, the recent rally could be just the beginning of a massive bull market, especially as the price of the king of altcoins is currently trading in a bullish pattern.
Ethereum bullish movement
The past seven days have not been in the best interest of investors, as the price of ETH has fallen by more than 5%. However, with the change in market trends, ETH also managed to increase the price by more than 2.5% in 24 hours.according to coin market capat the time of writing, ETH is trading at $2,988.30, with a market cap of over $358 billion.
Interestingly, things could get even better for ETH in the coming days. Popular cryptocurrency analyst World of Charts recently said, Tweet This highlights that the ETH/BTC pair is moving within a falling edge pattern. A successful breakout from this pattern could set ETH to new highs in the coming months.
Therefore, AMBCrypto checked the ETH indicators to see if they can manage the breakout. Analysis of Santiment data reveals that ETH network growth has skyrocketed in recent days. Simply put, the active withdrawal rate increased last week, so more addresses were created to transfer tokens.
Furthermore, the supply of Ethereum held by top addresses also increased slightly, suggesting that there was high buying pressure on the token.
Conversely, the MVRV ratio remained low. At the time of writing, ETH's MVRV ratio was -6.22%.
Source: Santiment
Ethereum weekly goals
With most indicators looking bullish, AMBCrypto checked the ETH daily chart to see if a further uptrend is inevitable.
We have seen that ETH Chaikin Money Flow (CMF) has recorded a sharp rise from its neutral level. The money flow index (MFI) also rose. All of these indicators suggest that the bull market is likely to persist.
On the other hand, MACD supported the sellers as it showed a bearish crossover on the chart.
Source: TradingView
We then analyzed data from Hyblock Capital to see what goals ETH could reach this week if the bull market continues. For ETH to sustain its rise, it will be important for the token to rise above $3,100 as liquidations will skyrocket.
read ethereum [ETH] price prediction 2024-25
Increases in liquidation amounts may lead to price corrections. If it succeeds in breaking out of this level, ETH could rise to $3,300 by the end of this week if all goes well.
Source: Hyblock Capital
