As a seasoned analyst with extensive experience in the cryptocurrency market, I’ve observed Ethereum’s price behavior closely following the ETF approval. Based on my technical and sentiment analysis, I believe that Ethereum is poised for further growth.
The cost of Ethereum has surged noticeably since the announcement of its ETF acceptance. Nevertheless, the market has yet to exceed its previous peak.
Technical Analysis
By TradingRage
The Daily Chart
Daily chart shows that the price surpassed the large downward trendline around May. Later, it has been hovering between $3,600 and $4,000 without resuming its advance. Nevertheless, the Relative Strength Index remains above 50%, implying that the trend may persist and propel the price beyond the resistance at $4,000 to reach new peak values.
The 4-Hour Chart
Over the last fortnight on the 4-hour chart, price movements have been erratic. I’ve noticed that the market has attempted to breach the $4,000 level a few times without success. At present, it’s lingering near the $3,800 mark.
Recently, the RSI of the 4-hour chart has surpassed the 50% threshold, signaling a potential shift in market momentum towards bullish trends. Consequently, a short-term price surge above the $4,000 mark is a strong possibility.
Sentiment Analysis
By TradingRage
Exchange Reserve
As Ethereum’s price hovers just below the $4,000 mark, several noteworthy occurrences seem to be transpiring off-screen. The following graph illustrates the Ethereum reserve on exchanges, representing the collective ETH held in exchange wallets.
The reserve exchange has experienced a sharp decline in recent days, falling below its 30-day moving average. This significant drop could indicate that investors are amassing assets in preparation for an upcoming market surge.
In simpler terms, the substantial decrease in Ethereum’s exchange reserves could be a positive sign for the cryptocurrency. This reduction in available reserves may limit the amount of Ethereum that can enter the market, potentially boosting its value.
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2024-06-03 18:08