As a researcher with a background in cryptocurrencies and market analysis, I find the recent price surge in Ethereum intriguing. The 5.6% increase in just 24 hours, trading around $3,070 during European business hours, is noteworthy, especially against the backdrop of ongoing Bitcoin sell-offs by Germany.
In the previous 24 hours, Ethereum experienced a 5.6% price rise, reaching approximately $3,070 during European trading sessions. This upward trend emerged amidst Germany’s persistent Bitcoin sell-off. Simultaneously, Bitcoin recorded a 3.4% growth over the same timeframe and currently trades at $57,189.
Ethereum Price To Rebound If This Happens
Last Thursday, Ethereum’s price dropped beneath a downward trendline, indicating bearish tendencies. Ethereum hit a low of $2,811 as Bitcoin’s decline continued, but found support just below this level at approximately $2,815. Over the weekend, ETH‘s price hovered around this local support before regaining some strength on Monday and into Tuesday.
As a crypto investor, I’ve noticed that Ethereum’s price has recently bounced back up to hit the 200-day simple moving average (SMA) once more. At the moment, this particular line on the chart is serving as a formidable resistance. If Ethereum manages to surge past this significant marker, though, the market mood could shift dramatically towards optimism and bullishness.
The forecast for Ethereum’s price indicates a potential rise above the 200-day simple moving average (SMA), but a possible retreat to the resistance of the 50-day SMA, resulting in a price range between $3,371 and $2,811. This development may cause Ethereum to revert to its previous downward trend within the trading channel.
Should Ethereum bulls gain greater control, they have the ability to shatter the descending trendline and potentially reach last year’s peak of $3,967. Conversely, if bears dominate, Ethereum’s price may plunge beneath the support at $2,815, possibly falling as low as $2,200, with some resistance around $2,490.
Bitcoins price took a dip to $53,550 in the latest market downturn, according to CoinGecko’s data. However, it has since recovered slightly and appears to have stabilized around $55,000 for now. Nevertheless, historical trends indicate that this level might not be sustainable, and if Bitcoin continues to decline, supports at $50,000 and $46,000 could come into play.
Why is Ethereum Price Rising?
Today’s markets exhibit pockets of growth, with Ethereum leading the charge among significant gainers. Yesterday marked VanEck’s submission of an updated S-1 for its Ethereum spot ETF, suggesting a strong possibility of imminent approval. By July 9, 2024, every applicant seeking to launch a spot Ethereum ETF has filed their revised S-1 forms.
As Germany persists in selling Bitcoin without restriction, there was an inflow of $384 million into Bitcoin ETFs during the previous week. This indicates that investors are capitalizing on market anxiety to acquire Bitcoin at reduced costs.
Bottom Line
As a researcher studying Ethereum’s price action, I notice some indications that a reversal might be imminent. However, there is still hesitance among market players about whether this upward trend signifies a genuine shift or just an enticing bull trap. To gain a clearer understanding of Ethereum’s potential trajectory compared to Bitcoin in the near term, it’s crucial to closely watch and interpret relevant technical indicators.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD PHP PREDICTION
- BSW PREDICTION. BSW cryptocurrency
2024-07-09 08:54