TL;DR
- ethereum (eth) has fallen to around $3,500, but analysts predict possible new all-time highs due to positive technical indicators.
- Metrics such as a negative FX net flow and a low RSI suggest lower selling pressure and a possible price recovery.
Is it time for a resurgence?
He price of ethereum (eth), like many other cryptocurrencies, has plummeted significantly in recent days. Currently, the second largest digital asset in terms of The market capitalization is worth around $3,500 (according to data from CoinGecko), a decrease of 9% on a weekly basis.
However, some analysts think eth will face good days ahead, with some speculating about a new all-time high in the coming months. x users Wolf and Jelle are some examples.
The first one presented a price chart showing that eth has been on a bullish trajectory since early 2024. The analyst x.com/IamCryptoWolf/status/1800823294339485744″ target=”_blank” rel=”noopener” data-wpel-link=”external”>imagined greater volatility of the asset in the near future, which willpower will eventually lead to a bull run and a new all-time high price of over $5,000.
<blockquote class="twitter-tweet”>
I am guiding you to new all-time highs. twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$eth
– Wolf (@IamCryptoWolf) twitter.com/IamCryptoWolf/status/1800823294339485744?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>June 12, 2024
jelly x.com/CryptoJelleNL/status/1800819383889187241″ target=”_blank” rel=”noopener” data-wpel-link=”external”>reclaimed that eth “successfully retested the 50-day EMA.” The analyst believes that the asset's valuation could reach new highs once it surpasses the $3,700 zone.
The 50-day exponential moving average (EMA) is an important technical analysis tool that could suggest possible price movement. It helps identify the prevailing trends over the last 50 days, but with a greater focus on the most recent data, unlike the SMA, and provides information on possible buying and selling levels.
Which are Metric signaling?
Several major indicators also hint that an eth price revival could be on the cards. An example is ethereum's net exchange flow, which has been negative for the last four days. TO eth/chart/exchange-flows/exchange-netflow-total?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=column” target=”_blank” rel=”noopener” data-wpel-link=”external”>change Moving from centralized trading platforms to self-custody methods is considered bullish as it reduces immediate selling pressure.
Separately, the ethereum Relative Strength Index (RSI) eth” target=”_blank” rel=”noopener” data-wpel-link=”external”>plummeted on June 11 to a multi-month low of 20.7, currently positioned at 36. The metric has not crossed the 70 mark since May 23.
It's a Momentum oscillator that measures the speed and change of price fluctuations and identifies overbought or oversold conditions in a market. Its value ranges from 0 to 100, and a ratio above 70 suggests that a pullback could be imminent.
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