Key Points
- Ethereum’s price increased by over 2.5% in the last 24 hours, showing bullish tendencies.
- Market analysts predict a possible massive rally for Ethereum in the coming months.
Ethereum (ETH) saw a price appreciation of over 2.5% in the last 24 hours.
This comes as a positive change in market sentiment, which has resulted in Ethereum’s daily chart turning green.
Ethereum’s Performance
The past week was not the best for investors, with Ethereum’s price dropping by over 5%.
However, as the market trend shifted, Ethereum managed to increase its price by more than 2.5% in 24 hours.
At the time of writing, Ethereum was trading at $2,988.30, with a market capitalization exceeding $358 billion.
Future Predictions
According to World of Charts, a renowned crypto-analyst, the ETH/BTC pair is moving inside a falling edge pattern.
A successful breakout from this pattern could see Ethereum reaching new highs in the upcoming months.
An analysis of Santiment’s data revealed that Ethereum’s network growth has increased over the past few days, indicating more addresses were created to transfer the token.
Furthermore, the supply of Ethereum held by top addresses also slightly increased, indicating a high buying pressure on the token.
On the other hand, Ethereum’s MVRV ratio remained low, valued at -6.22% at press time.
Indicators such as Ethereum’s Chaikin Money Flow (CMF) and the Money Flow Index (MFI) suggest that the chances of a sustained bull rally are high.
However, the MACD supported the sellers as it indicated a bearish crossover on the charts.
Data from Hyblock Capital suggests that for Ethereum to sustain the rally, it will be crucial for the token to surpass $3,100, as liquidations would sharply increase.
A successful breakout above this level could potentially see Ethereum reaching $3,300 by the end of this week, provided all factors align favorably.
