Friday, September 29, 2023
HomeEthereumEthereum rises above $1,210 but is a year-end rally on the...

Ethereum [ETH] rises above $1,210 but is a year-end rally on the cards

Disclaimer: The information presented does not constitute financial, investment, trading, or other kind of advice and is solely the opinion of the author.

  • Technical indicators do not shed light on Ethereum’s future
  • Low market liquidity allows quick moves to trigger large stop-loss orders before short-term reversals are possible

ethereum [ETH] We have seen very low volatility over the past few days. Since December 20th, the price has remained at $1,213. This may be due to the holiday season. Still, the cryptocurrency market never sleeps, allowing ETH traders to keep an eye on movements in important areas.

read of Ethereum [ETH] price prediction 2023-2024

For example, $1,245 and $1,350 are two areas where bulls run into a large number of sellers.When Bitcoin We are also experiencing a plateau of flat trading, but what direction will the trend take if it emerges?

Ethereum Regains Mid-Range, But Could Fall Again to Fill Large Orders

Source: TradingView ETH/USDT

Market structure turned to a bullish bias on the lower timeframes as ETH rose from $1,160 and managed to break above $1,190 over the past week. It is This meant that prices could swing wildly north or south in search of liquidity before a sharp reversal.

It doesn’t matter which. At $1250 he could rise to tag the H12 breaker before ETH plummets again to $1160. The reverse was likely to happen as well. Therefore, traders can wait for the trend to establish. The Relative Strength Index (RSI) has been close to the neutral 50 mark for the past few days, suggesting momentum is not working in either buyers’ or sellers’ favor.

Check if your ETH holdings are flashing green profit calculator

The plotted Fibonacci retracement levels were also important. In the next few days, after a break above the 38.2% level or below the 61.8% level, a retest could act as a trigger for traders to target the respective extremes (white) of the range. there is. The high of the range is $1,350 and the low is $1,073.

Ethereum has crossed $1210, can we expect a year-end rally?

sauce: santimento

After Ethereum fell from $1,340, the Market Value to Realized Value (MVRV) ratio (30 days) fell into negative territory, indicating that the asset was undervalued on a shorter timescale. At that time, the 90-day average coin age also took a hit. Since then, the coin’s average age index has risen. This indicated some accumulation.

Weighted sentiment has also risen recently, but there has been no notable reaction from price yet. Instead, traders can be wary of spikes in MVRV ratios as they may indicate holders are ready to take profits.

- Advertisment -
Google search engine

Most Popular

Recent Comments