What to know:
- In a shocking twist of fate, Ether has decided to show signs of life after its recent tango with the floor, as it hit its weakest price ratio against bitcoin. Apparently, some long-term investors have decided to play the hero and buy the dip, according to the ever-optimistic LMAX strategist, Joel Kruger. 🦸♂️
- Traders, grab your popcorn! 🍿 Keep an eye out for a breakout above $2,650, as the oversold RSI indicators are waving their little flags, while the upcoming Pectra upgrade and possibly friendly U.S. inflation data could send Ether soaring like a catapulted space whale. 🐋
- The next key resistance level is around $3,000, which, if reached, would offer a delightful 13% potential gain. Who doesn’t love a good percentage? 📈
Ether (ETH), the second largest cryptocurrency by market capitalization, recently took a nosedive to its weakest price compared to bitcoin (BTC) since the days when dinosaurs roamed the earth (or at least since late 2020). But fear not, a relief bounce might just be around the corner, like a long-lost relative showing up at your door with a fruitcake. 🎂
“ETH looks to be trying to establish some bullish momentum and could be looking to finally make a recovery back above $3,000,” said the ever-hopeful LMAX strategist Joel Kruger in a Tuesday morning report. “Sentiment towards the world’s second largest crypto asset has been back on the rise with many medium and longer-term players stepping in to take advantage of the recent dip,” he added, probably while sipping a cup of optimism. ☕
Ether’s relative strength index (RSI), a key technical indicator representing momentum, dropped to near 35%, which has historically been a signal for a rebound. It’s like the universe is saying, “Hey, remember when things were good? Let’s do that again!” 🎉
The upcoming Pectra upgrade, scheduled for March, could also provide a “modest wave of hype” in the next few weeks, which is just what we need—more hype! Wednesday’s U.S. CPI inflation report, if it arrives in line with analyst forecasts of 2.9% or lower, could also boost crypto market sentiment and fuel ETH higher, like a rocket powered by sheer hope. 🚀
Ether is currently battling with key resistance at around $2,650, and a breakout could see prices climbing to the next resistance level of around $3,000, according to the ever-optimistic 10x Research analysts. 🥳
ETH has shed 20% of its value over the past month, as the border altcoin market bled against bitcoin, which has been consolidating sideways in a narrow range around the $100,000 level. The second largest crypto was recently down 1.5% over the past 24 hours at $2,644, and a rebound from current levels to $3,000 would translate to a 13.5% gain. Because who doesn’t love a good comeback story? 📖
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2025-02-11 22:25