Support and Recovery: Ethereum reversed from the crucial $2,850 support, indicating a potential new bull cycle.
Price Jump: ETH saw a 4.87% price increase in the last 48 hours, supported by Bitcoin holding above $56,000.
Market Sentiment: $52 million in short-side liquidations suggests weakening bearish control over ETH.
Market Cap: Ethereum's market cap is $368 billion, making it the second-largest crypto.
Current Price: ETH trades at $3,063, with a 1.42% intraday gain after a 2.99% overnight jump.
Double Top Formation: The weekly chart shows a failed double top formation with a neckline at $2,844.
Fibonacci Level: The neckline aligns with the 50% Fibonacci retracement level.
RSI Indicator: Weekly RSI below the halfway line, but reverse divergence hints at an uptrend.
MACD Indicator: Negative crossover in the MACD lines fuels bearish histograms but suggests potential reversal.
ETF Catalyst: Anticipated Ethereum ETF listing could significantly boost ETH prices.
Price Jump: ETH saw a 4.87% price increase in the last 48 hours, supported by Bitcoin holding above $56,000.
Market Sentiment: $52 million in short-side liquidations suggests weakening bearish control over ETH.
Market Cap: Ethereum's market cap is $368 billion, making it the second-largest crypto.
Current Price: ETH trades at $3,063, with a 1.42% intraday gain after a 2.99% overnight jump.
Double Top Formation: The weekly chart shows a failed double top formation with a neckline at $2,844.
Fibonacci Level: The neckline aligns with the 50% Fibonacci retracement level.
RSI Indicator: Weekly RSI below the halfway line, but reverse divergence hints at an uptrend.
MACD Indicator: Negative crossover in the MACD lines fuels bearish histograms but suggests potential reversal.
ETF Catalyst: Anticipated Ethereum ETF listing could significantly boost ETH prices.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.