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Ethereum’s recent bearish phase has seen a notable halt, with bullish momentum making a resurgence after finding crucial support at the demand level of $3030.0. Notably, the bullish trendline acted as a catalyst for a bullish reversal from the temporary correction, with buying pressure at the support zone propelling the price towards its previous high of $4090.0.
Ethereum Key Levels:
Demand Levels: $3031.0, $2719.0, $2196.0
Supply Levels: $4200.0, $4500.0, $4936.0
Insights from Technical Indicators
Moving Averages:
The Moving Averages of Periods 50 and 80, which offer insights into long-term trends, have consistently remained positioned below the daily candles since October. These Moving Averages have served as crucial support levels during temporary price dips, indicating the strength of the underlying bullish trend. Meanwhile, the Moving Average with a shorter period of 9 has oscillated both above and below the daily candles, reflecting price fluctuations. Notably, this week has seen the price rise above the Moving Average period nine once again, signalling a recovery from the temporary correction within the bullish trend.
MACD (Moving Average Convergence Divergence):
Examining the MACD histogram reveals a bullish market shift. The diminishing size of the red bars indicates a weakening momentum in the price decline. The transition from bearish to bullish momentum indicates Ethereum’s pursuit of its all-time high.
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