Key Points
- Ethereum (ETH) price saw a 7% increase in the last 24 hours, indicating a potential bullish trend.
- On-chain metrics and indicators suggest a decrease in selling pressure and an increase in active addresses and transaction count.
Ethereum (ETH) has experienced a significant price increase in the last 24 hours, suggesting a potential end to its recent decline.
This uptick in the price of Ethereum (ETH) could indicate a possible bullish trend for the cryptocurrency.
Market Crash and Recovery
The crypto market experienced a crash on the 12th of April, significantly impacting Ethereum’s price and pushing it under $3k. This caused concern among investors.
However, the market trend seems to have shifted in the last few hours, with most cryptocurrencies showing green on their daily charts.
Sjuul, the founder of AltCryptoGems, suggested that if Ethereum manages to rise above $3,050, it could trigger a bull run. This prediction appears to be coming true, as Ethereum has now moved above this critical level.
On-Chain Metrics and Indicators
On-chain metrics show a decrease in Ethereum’s exchange reserve, indicating a drop in selling pressure. Other bullish indicators include a 12% increase in active Ethereum addresses and a nearly 10% surge in transaction count compared to the previous day.
Furthermore, Ethereum’s Funding Rate turned green, suggesting that long-position traders were dominating the market and were willing to pay short-position traders.
Ethereum’s Relative Strength Index (RSI) and Money Flow Index (MFI) also showed a sharp uptick, hinting at a continued price increase. Ethereum’s price rebounded from the lower limit of the Bollinger Bands, further suggesting a potential continuation of the bull rally.
Data from Hyblock Capital suggests that if the bull rally sustains, Ethereum could reach several price levels this week. The first target for Ethereum might be $3.34k, as liquidation would rise at that level. If a successful breakout happens above that, Ethereum could potentially reach $3.6k or even $3.8k in the coming days.
