The second largest crypto token by market cap, ethereum-fees-lowest-since-january-bottom-signal/” rel=”nofollow”>ethereum (eth), finally showed some life as it rose to $3,300 over the weekend. This movement is believed to be the beginning of a trend reversal for the crypto token, which has several bullish signals on its chart.
ethereum has a bullish chart
Cryptoanalyst Derek revealed in an x (formerly twitter) x.com/kimmyboy2/status/1784718977081671800″ rel=”nofollow”>mail than signals on ethereum bitcoin-price-suffers-sharp-decline/” rel=”nofollow”>Moving Average Convergence/Divergence (MACD) The indicator “seems to have ended the decline and changed bullish direction.” He also highlighted the ethereum Dominance Chartwhich has confirmed three floors and has given a strong rebound.
The analyst explained that “leading a rebound after confirming the bottom three times means that there is no need to continue falling, and there is a high possibility that there is no intention to do so.” Interestingly, the analyst drew attention to the fact that ethereum experienced this price rally without volume.
<img decoding="async" class="alignnone size-medium wp-image-605592 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Shows-Bullish-Signs-Can-It-Recover-50-From-Here.png" alt="ethereum” width=”460″ height=”212″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/Ethereum_713349.png?w=512 512w, https://technicalterrence.com/wp-content/uploads/2024/04/Ethereum-Shows-Bullish-Signs-Can-It-Recover-50-From-Here.png 460w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/><img loading="lazy" decoding="async" class="alignnone size-medium wp-image-605594 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum-price.png?w=460&resize=460%2C244″ alt=”ethereum price” width=”460″ height=”244″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum-price.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/04/ethereum-price.png?w=460&resize=460%2C244 460w” sizes=”(max-width: 460px) 100vw, 460px” data-recalc-dims=”1″/>
Source: x
This phenomenon occurs when individual investors are more active than institutional investors, which are more cautious during this period. This instantly brings into the picture the recent purchases of ethereum whales like Justin Sun, as they have contributed significantly to ethereum's recent resurgence.
NewsBTC recently reported that a wallet believed to belong to the founder of TRON recently purchased $405 million worth of ethereum. This wallet and another one suspected to belong to Sun have accumulated $891 million in eth since February 12. Meanwhile, NewsBTC also reported about another whale, who, despite losing $4.5 million worth of longing eth, opened another long worth over $17 million.
Other bullish signals for eth
crypto analyst Trader Tardigrade recently revealed that ethereum saw a decent breakout towards a descending trend line on the daily chart of its bitcoin pair. He added that ethereum bitcoin-weekly-relative-strength-more-powerful-than-record-2017-rally/” rel=”nofollow”>Relative Strength Index (RSI) also shows an associated rupture of a symmetrical triangle.
The crypto analyst stated that the RSI value is now also above 50, which is considered bullish for a crypto token. Based on these signals, Trader Tardigrade declared that it is “ethereum time.” He also suggested that other altcoins will hit the moon once ethereum begins its parabolic move higher.
Derek also predicted this, stating that “the rise of ethereum will fuel the explosive rise of altcoins that have been oppressed.” While x.com/el_crypto_prof/status/1783534705649795265″ rel=”nofollow”>exchange As for his bullish sentiment towards ethereum, crypto analyst crypto Prof echoed a similar sentiment and noted that altcoins will “run even harder” as ethereum trades significantly higher in the coming months.
Until now, cryptocurrency expert Michaël van de Poppe foretold that the narrative would shift towards ethereum after the halving and that the crypto token and other altcoins would bounce off its bitcoin pair once the hype around the halving was over.
At the time of writing, ethereum is trading at around $3,170, down more than 1% in the last 24 hours, according to ethereum/” rel=”nofollow”>data from CoinMarketCap.
x/F3Qx9HR6/” alt=”ethereum price chart from Tradingview.com” width=”3286″ height=”1530″/>
eth price sitting above $3,100 | Source: ETHUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com
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