This article is also available in Spanish.
The cryptocurrency market is showing tentative signs of recovery, with leading assets like Ethereum (ETH) posting modest gains over the past 24 hours. After a sharp decline that saw Ethereum’s price fall to $2,154 last Friday, the digital asset is now approaching the $2,400 level, sparking optimism among investors.
Are there signs of an imminent breakout to the upside?
Recently Posted on social media On X (formerly Twitter), market expert Jesse Olson highlighted several bullish indicators on Ethereum’s 8-hour chart, suggesting a potential continuation of this recovery. One of the key signals is a pending buy indicator, which could facilitate a rebound to previously lost levels if macroeconomic conditions align positively.
Olson also points out that upward divergence On the 8-hour chart, this usually indicates a shift in momentum to the upside. Additionally, a potential reversal candle has appeared, suggesting that if the current momentum continues, it could be a good omen for bullish investors looking to take advantage of this recovery.
Related reading
In addition, the expert highlights that the price of Ethereum is currently recovering 200 week moving average (MA), along with recent trends in market indicators. The price also broke through a downtrend line that has been in place since late August.
However, maintaining this recovery will be crucial to validate these bullish signals. If Ethereum fails to maintain its upward trajectory, it could lead to a retest of lower support levels or result in Unify prices Between $2100 and $2300 range.
Ethereum price is approaching a major resistance level
Cryptocurrency analyst Daan Crypto Trades echoed this sentiment, noting that Ethereum has bounced back strongly from support levels. However, he cautions that trading within the $2,100 to $2,850 range could remain volatile.
Dan claims in Posted on social mediaA consolidation above $2,850 would mark a major bullish development for Ethereum, confirming a breakout from the current downtrend and setting sights on the key $3,000 level, which has not been reached since early August.
Related reading
As of now, ETH is trading at the upper side of the descending channel at $2,383, recording gains of around 2% in the 24-hour timeframe, according to CoinGecko. Data.
But this rise is offset by a decline in the trading volume of the second-largest cryptocurrency in the market, which amounted to $12 billion over the past 48 hours, specifically a 15% decrease compared to Monday’s trading session.
Additionally, in longer time frames, ETH price The Saudi stock market continues to suffer from the sharp declines it witnessed over the past month, recording losses of 2.6% and about 7% in the time frame of fourteen and thirty days respectively.
Featured image by DALL-E, chart by TradingView.com
Comments are closed, but trackbacks and pingbacks are open.