Ethereum Flashes Bullish Signals, Can It Rally 50% From Here?
April 29 2024 - 4:00PM
NEWSBTC
The second-largest crypto token by market cap, Ethereum (ETH),
finally showed some form of life as it rose to $3,300 over the
weekend. This move is believed to be the beginning of a trend
reversal for the crypto token, which has several bullish signals on
its chart. Ethereum Has A Bullish Chart Crypto analyst Derek
revealed in an X (formerly Twitter) post that the signals on
Ethereum’s Moving Average Convergence/Divergence (MACD) indicator
“seem to have ended the decline and changed upward direction.” He
also highlighted the Ethereum Dominance chart, which has confirmed
three bottoms and gave a strong rebound. Related Reading:
Expert Says Bitcoin Price Has Topped And Is In Exponential Decay,
Why This Is Not A Bad Thing The analyst explained that “leading a
rebound after confirming the bottom three times means that further
decline is unnecessary, and there is a high possibility that there
is no intention to do so.” Interestingly, the analyst drew
attention to the fact that Ethereum has experienced this price
rebound without volume. Source: X This phenomenon occurs when
individual investors are more active than institutional ones who
are more cautious during this period. This instantly brings recent
buys by Ethereum whales like Justin Sun into the picture, as they
have contributed significantly to Ethereum’s recent
resurgence. NewsBTC recently reported that a wallet believed
to belong to the TRON founder recently bought $405 million worth of
Ethereum. This wallet and another suspected to belong to Sun have
accumulated $891 million worth of ETH since February 12. Meanwhile,
NewsBTC also reported about another whale, who, despite losing $4.5
million worth of longing ETH, opened another long worth over $17
million. Other Bullish Signals For ETH Crypto analyst Trader
Tardigrade recently revealed that Ethereum experienced a decent
breakout to a descending trendline on the daily chart of its
Bitcoin pair. He added that Ethereum’s Relative Strength Index
(RSI) also shows an associated breakout from a symmetrical
triangle. The crypto analyst claimed that the value of the
RSI is also now above 50, which is considered bullish for a crypto
token. Based on these signals, Trader Tardigrade stated it is “time
for Ethereum.” He also suggested that other altcoins will moon once
Ethereum begins its parabolic move to the upside. Related
Reading: Bitcoin Daily Transactions Just Hit A New ATH – What’s
Driving It? Derek also predicted this, stating that the “rise of
Ethereum will drive the explosive rise of altcoins that have been
oppressed.” While sharing his bullish sentiment towards Ethereum,
crypto analyst Crypto Prof echoed a similar sentiment, remarking
that altcoins will “run even more” as Ethereum trades significantly
higher in the coming months. Before now, Crypto expert
Michaël van de Poppe predicted that the narrative would shift
toward Ethereum post-halving and that the crypto token and other
altcoins would bounce in their Bitcoin pair once the hype around
the halving was over. At the time of writing, Ethereum is
trading at around $3,170, down over 1% in the last 24 hours,
according to data from CoinMarketCap. ETH price sitting above
$3,100 | Source: ETHUSD on Tradingview.com Featured image from
AMBCrypto, chart from Tradingview.com
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