Since the Bitcoin halving on April 19, Ethereum’s price has shown a steady recovery. The daily charts indicate a new higher low formation and a potential pivotal point as Ethereum forms a falling wedge pattern. While the overall market is limiting Ethereum’s growth, the coin managed to rebound from $2870 to $3335, recording a 17% increase.
After the fourth Bitcoin halving on April 19th, Ethereum‘s price has been gradually bouncing back. This can be seen in the formation of new higher lows in daily charts. Although Ethereum’s price growth is currently constrained by broader market conditions, it has rebounded from $2870 to $3335, resulting in a 17% increase. An examination of the daily chart reveals that ETH is approaching a significant level as it develops a falling wedge pattern.
Ethereum Price to Regain Momentum If Buyers Break This Resistance
As a crypto investor, I’ve been observing Ethereum’s short-term behavior, and it seems we’re in a bearish phase based on the price action within a descending trendline – a pattern known as a falling wedge. However, this setup has a reputation for generating strong bullish momentum and reversing the downtrend, so it’s essential to keep an eye on potential buy signals.
As a researcher observing the cryptocurrency market, I’ve noticed that Ethereum (ETH) experienced a 2.16% increase in value during the intraday trading session. This uptick marks a bullish breakthrough above the weekly resistance level of $3280. The strength of this advancement encourages buyers to attempt testing the resistance trendline once more.
Based on data from Lookonchain’s analysis, it appears that James Fickel, a notable investor, has been actively purchasing Ethereum (ETH) and simultaneously holding a lengthy position in the ETH/BTC exchange market.
According to data from Lookonchain, Fickel obtained a loan of 2,301 Wrapped Bitcoins (WBTC) worth around $119.75 million from the decentralized finance platform Aave. Subsequently, these borrowed WBTC were exchanged for approximately 41,947 Ether at a rate of 0.055 during the launch week of the Bitcoin ETF on January 10.
James Fickel(@jamesfickel) continues to buy $ETH and long ETH/BTC trading pair.
He obtained a loan of 2,301 USD worth of $WBTC (equivalent to around 119.75 million USD) from Aave and subsequently converted it into approximately 41,947 units of $ETH at a rate of 0.055 since the Bitcoin ETF was introduced on January 10.
And has spent 35M $USDC to buy 10,952 $ETH at $3,196 in the past…
— Lookonchain (@lookonchain) April 28, 2024
Furthermore, Fickel has dedicated approximately 35 million US dollars to acquire 10,952 Ether tokens, with each costing around $3,196 in the past three days. This substantial investment signifies a positive outlook on Ethereum, suggesting that buyers may succeed in shattering the wedge pattern.
If this anticipated surge occurs, it will mark the conclusion of the previous downtrend and enable the price to rebound and exceed $4000 again.
Technical Indicator
- Relative Strength Index: The daily RSI slope rises above 50% indicating the positive market sentiment in returning to assets.
- BB indicator: The upticks in the lower boundary of Bollinger Band bolster buyers with additional support to lead the recovery trendline.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- MNT PREDICTION. MNT cryptocurrency
- AVAX PREDICTION. AVAX cryptocurrency
- OP PREDICTION. OP cryptocurrency
- ARKM PREDICTION. ARKM cryptocurrency
- EUR KRW PREDICTION
- VIC PREDICTION. VIC cryptocurrency
- NLS PREDICTION. NLS cryptocurrency
- Call of Duty: MW3 and Warzone Season 5 Reloaded Update Patch Notes Revealed
2024-04-29 10:06