As a seasoned crypto investor with a decade of experience under my belt, I must say that Ethereum’s recent rally is indeed a promising sight. However, it’s essential to remember that we are still far from challenging Bitcoin’s dominance and reaching a new all-time high.
The cost of Ethereum has at last started to climb, mirroring Bitcoin‘s surge to unprecedented peaks. Nevertheless, Ethereum remains significantly lower than Bitcoin, with much ground to cover before it reaches another record-breaking summit.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
Over the past day-to-day chart, there’s been an upward surge in price following a strong breakout beyond $2,800. This crucial level had been keeping the market subdued for several months before this recent move.
The price has surpassed the $3,000 mark and the 200-day moving average, which hovers around that amount, going upward as well.
Currently, the market is showing signs of retreating towards the $3,000 zone because the Relative Strength Index (RSI) has moved into an overbought region. If this level and the 200-day moving average manage to hold steady, Ethereum could potentially extend its upward trend, leading to higher prices in the upcoming weeks.
The 4-Hour Chart
On the 4-hour scale as well, Ethereum’s price trend resembles a similar situation. Over the last few weeks, it has experienced a significant increase. However, instead of continuing its upward momentum, Ethereum is now moving towards the $3,000 support zone and appears to be forming a descending wedge pattern.
Should the wedge split upwardly, it’s probable that the market will advance towards the $3,500 resistance point. Conversely, if the $3,000 level succumbs, there’s a potential for a 10% drop, leading to the $2,700 region.
Sentiment Analysis
By Edris Derakhshi (TradingRage)
Ethereum Open Interest
After a long period of holding steady, the value of Ethereum is now surging again. However, it hasn’t reached a new record high just yet. Some intriguing red flags are popping up in the futures market data.
This chart presents the Ethereum open interest metric, which measures the number of open perpetual futures positions on ETH among all exchanges. Higher values are usually associated with higher volatility and more chances of a flash crash.
The graph shows that Ethereum’s open interest has reached its peak over the past two years, indicating a significant gap between price and futures market action since the price hasn’t hit a new high yet. This situation could lead to a short-term market surge, but it’s uncertain which direction the trend will go because more data is needed for an accurate prediction.
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2024-11-16 17:22