The post Here’s what Ethereum’s MACD crossover means for ETH’s price action now appeared on BitcoinEthereumNews.com.

ETH successfully held above the $2,380–$2,460 zone, with there being no major supply barriers above Bullish cross on the daily MACD indicator confirmed a potential hike in price An analysis of Ethereum’s (ETH) In/Out of the Money metric clearly revealed that ETH has solidly held above the critical demand zone between $2,380 and $2,460. Here, the zone seemed to represent a significant accumulation area, one where approximately 2.47 million addresses have purchased 5.87 million ETH. The absence of significant out-of-money positions right above the press time price level of $2,711.75 implied minimal resistance ahead. At the time of writing, 85.8% of the positions were in the money – A sign of strong holder profitability that could deter selling pressure. Source: Ali/X Such a scenario enhances the likelihood of price stability or an uptrend continuing on the charts. Given the lack of major supply barriers, as indicated by the sparsity of out-of-the-money positions up to the $3,000 price range, ETH may be poised for potential upside now. These levels are critical as ETH approaches this price target, with optimism fueled by the strong support base now solidly below its trading price. What does the momentum indicator say?  On the altcoin’s daily MACD chart, the formation of a bullish crossover signaled a potential reversal of the downtrend that started in December. This movement seemed to coincide with the histogram moving into positive territory, further reinforcing the likelihood of an uptrend. At press time, Ethereum was showing signs of stabilization and potential recovery, supported by the recent positive shift in the MACD. Source: TradingView If Ethereum maintains this momentum, it could validate the bullish sentiment indicated by the MACD. This might propel the price towards higher resistance levels, making the recent purchase around the $2,000-mark profitable. The MACD’s continued divergence from the Signal…

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Filed under: News - @ February 16, 2025 4:14 am