• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • Regulation
    • Scams
  • DeFi
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Market Cap
  • Shop
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook Twitter Instagram
CM247
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • Regulation
    • Scams
  • DeFi

    DeFi TVL Reaches 2023 Highs as Lido Liquid Staking Expands Its Lead

    2023-03-24

    DeFi Projects Simultaneously Send Mysterious Messages “03.24.23”

    2023-03-24

    DeFi Protocol ROOK ‘Gagged’ From Sharing Roadmap by Clients, CEO Says

    2023-03-23

    Cosmos-Based DeFi Protocol Quasar Starts Mainnet After Raising More Than $11.5M

    2023-03-23

    Rise of Decentralized Finance (DeFi) And Its Impact on Traditional Finance

    2023-03-23
  • NFT

    A Conversation with Lady Phe0nix

    2023-03-24

    A Guide to Gods Unchained

    2023-03-24

    Ordinals Fees Spike as Bored Ape Yacht Club Clones Bloom on Bitcoin

    2023-03-23

    The Ultimate Guide to Its Tools, Features, and Controversies

    2023-03-23

    Wapal Launches Testnet on Aptos, Providing No-Code Platform for Creators

    2023-03-23
  • Metaverse

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13
  • Analysis

    Bitcoin (BTC) in a Bullish Megaphone Pattern, According to Crypto Analyst – Here’s His Target

    2023-03-24

    Legendary Trader Peter Brandt Says Bitcoin (BTC) Likely Targeting New All-Time High – Here’s His Timeline

    2023-03-24

    Whales Abruptly Move $195,231,414 in Shiba Inu Rival and Bitcoin From Top Crypto Exchange Amid Market Turbulence

    2023-03-24

    Avalanche C, X-chains experience brief outage due to network bug

    2023-03-23

    Top Crypto Analyst Says Proposed US Crypto Mining Bill Good for Bitcoin Markets, Expects Continuation to $40,000

    2023-03-23
  • Learn

    In Search of Legal Personality & Limited Liability

    2023-03-24

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    Top 10 Best Ethereum Wallets 2023

    2023-03-18

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
  • Shop
CM247
Home»Altcoins»Why This Ethereum Indicator Points to Bullish Continuation
Altcoins

Why This Ethereum Indicator Points to Bullish Continuation

2022-04-28No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
coin-mama

Ethereum briefly bounced back from its critical support zone, but the bears resumed their attack. The second crypto by market cap has returned to an area that must be defended to prevent further losses.

Related Reading | TA: Ethereum Revisits $2.8K, Why Upsides Might Be Limited

At the time of writing, Ethereum (ETH) trades at $2,840 with a 3% loss in the last 24-hours.

Ethereum ETH ETHUSD
ETH moving sideways on the 4-hour chart. Source: ETHUSD Tradingview

The general sentiment in the market has been trending to the negative as Bitcoin, Ethereum, and larger cryptocurrencies experience more downside. However, some experts have been providing bulls with hope as long as the crypto market can sustain its current levels.

A pseudonyms trader pointed at ETH’s price current structure and determined that it can trend upwards from its present price. The trader looked at Ethereum’s On Balance Volume (OBV) and said it is “still alive”.

As seen below, this metric has been moving sideways since the start of April despite ETH’s price action. In that sense, the trader said the bullish biased remains as long as the OBV is capable of sustaining these levels.

Ethereum ETH ETHUSD
Source: IncomeSharks via Twitter

Ethereum has been making higher highs and higher lows throughout 2022 and seems poised to bounce back to the former above $3,000, as the chart above shows. The pseudonym trader said:

You may think I’m still being biased bullish but I can’t call this chart bearish yet. OBV has held support on the daily, and we still have made a higher low. Break one of those and I lose my bullish thesis.

In the past, these long periods of consolidation in the price of Ethereum and its OBV have been followed by important rallies. In May and June last year, the price of large cryptocurrencies trended to the downside and then move sideways before re-entering uncharted territory.

Should You Sell Ethereum At Its Current Levels?

The crypto market, as many operators have been pointing out across social media platforms, is moving in tandem with traditional equities. These assets are reacting to a negative earnings season for major companies and the possibility of an aggressive shift in monetary policy from the U.S. Federal Reserve (FED).

The Nasdaq 100 index, highly correlated with Ethereum and the crypto market, has been displaying weakness as it trends further downwards in 2022. As long as this index remains on a bearish trend, crypto seems unlikely to regain its strength.

Related Reading | Will The Ethereum Merge Skyrocket ETH?

However, current levels could operate as a short-term bottom for ETH and BTC prices. The pseudonym trader said the following about the current price action and its capacity to bounce upwards:

“Selling major support is one of the biggest mistakes traders make”. Look what happened last time people were selling Bitcoin. At least wait until support breaks if you want to sell.

Ethereum ETH ETHUSD
Source: IncomeSharks via Twitter



Source link

coin-mama
Bullish Continuation Ethereum Indicator Points
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Arbitrum [ARB] AirDrop grabs attention: Decoding the token’s reaction

2023-03-24

Bitcoin (BTC) in a Bullish Megaphone Pattern, According to Crypto Analyst – Here’s His Target

2023-03-24

ETH extends its price consolidation, where can investors seek gains

2023-03-24

Prepare For Altcoin Season Ahead: Here’s What On-Chain Data Suggest

2023-03-24
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Metaverse

VeeFriends x Macy’s Launch Exclusive Physical Collectibles

2022-10-04

Gary Vee’s VeeFriends has teamed up with Macy’s and Toys“R”Us to launch new restricted version…

NFT

AI avatars launch on Polygon as CharacterGPT brings NPCs to life

2023-01-20

NFT Alethea AI and Polygon Labs are leaping on the AI hype with the launch…

NFT

Most Hyped Cardano NFT Project Adds Snoop Dogg’s Son to Its Roster

2022-08-17

NFT As not too long ago grew to become recognized, Snoop Dogg’s son Champ Medici has formally…

Subscribe to Updates

Get the latest news and Update from CM247 about Crypto, Metaverse and NFT.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Popular Post

Today’s iteration of DeFi could be criminalized by 2025. Here’s how its replacement could look

2023-01-20

Arbitrum Transaction Volume Spikes With Increased DeFi Activities

2023-02-19

Intuit Plans To Launch Crypto-Related Software’s

2023-01-10

Subscribe to Updates

Get the latest news and Update from CM247 about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 cryptocurrencymedia247.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$20,168.002.51%
  • ethereumEthereum(ETH)$1,532.186.43%
  • tetherTether(USDT)$1.00-0.02%
  • usd-coinUSD Coin(USDC)$1.00-0.09%
  • binancecoinBNB(BNB)$286.102.95%
  • TerraTerra(LUNA)$88.14-1.01%
  • Binance USDBinance USD(BUSD)$1.00-0.14%
  • rippleXRP(XRP)$0.3315312.89%
  • cardanoCardano(ADA)$0.4480674.29%
  • SolanaSolana(SOL)$32.015.40%