Is Ethereum on the road to $2810? What market sentiment says
The post Is Ethereum on the road to $2810? What market sentiment says appeared on BitcoinEthereumNews.com.
ETH has surged by 9.03% over the last seven days. An analyst eyes further gains if $2200 support level holds. Ethereum [ETH] has recently experienced a strong recovery in its price, trading at $2553 at press time. This marked a 5.25% increase over the past 24 hours, thus completing a week-long upsurge. As such, on weekly charts, the altcoin has surged by 9.03%. Prior to these gains, Ethereum had been on a downtrend, reaching a low of $2251 last week. Despite the recent surge, Ethereum’s price has remained considerably below its March high of $4070. Equally, it still remains down by 47.9% from its all-time high of $4878. Therefore, the current market conditions raise questions about the sustainability of the recovery. Inasmuch, popular crypto analyst Ali Martinez suggested a potential rebound if the $2200 support level holds What market sentiment says According to Martinez, the TD Sequential was flashing “buy” on Ethereum’s weekly charts at press time. Source: X This suggested that markets have a strong potential for a strong rebound if ETH’s prices hold above the $2200 support level. In context, TD Sequential helps to identify trend exhaustion and Potential reversal points. Thus, a buy signal on the TD Sequential suggests that the downtrend is losing strength, indicating a potential reversal to the upside. Therefore, based on weekly charts, ETH may see a sustained rally rather than a short-term bounce. ETH looks favorable According to AMBCrypto’s analysis, ETH was experiencing a strong upward momentum on weekly charts. This was a result of favorable market conditions that positioned the altcoin for further gains. Source: Coinglass For starters, Ethereum’s OI-Weighted Funding Rate has remained for the past 4 days. Usually, a positive OI-Weighted Funding Rate indicates a significant volume of open interest is associated with investors taking long positions. A high Open…
Filed under: News - @ September 20, 2024 4:23 pm