Ethereum’s price remained at a crucial level of $4,000, as sentiment in the cryptocurrency industry has improved. ETH was the second largest crypto, trading at $3.985 while traders remained positive.
Ethereum Price Technical Analysis
Weekly chart of the ETH shows that it has been doing well over the last few weeks. The price has risen in three straight weeks, and now sits at its highest since March of this year.
Since March of this year, Ethereum has not been able to rise above this level. This is a sign that the triple-top has occurred. A triple top is a pattern which can lead to further downside in most cases.
Positively, the coin’s moving averages have stayed above 50-week and 100-week EMAs. The coin has moved up above the trendline connecting the lowest swings from June 2022.
Ethereum is also above the middle of the Andrew’s pitchfork tool. There are increasing odds of it continuing to rise as bulls aim for the record high level of $4,856, or about 22% higher than the current price.
A drop below $3,700 invalidates the bullish outlook. This will signal that the price may fall to the neckline at the triple top of $2,000
Source: TradingView
ETH is seeing strong demand
ETH’s price could continue to rise in the short term for a number of reasons. There are some signs of a strong demand from institutions. SoSoValue data shows that cumulative inflows into its spot ETFs have risen to $1.41 billion.
Grayscale Ethereum Trust ETHE (ETHE), which has seen the largest purchases, is the one that sees the biggest inflows. The fund now manages over $5,9 billion. Other big Ethereum funds come from firms like Grayscale Fidelity Bitwise and Franklin Templeton.
Altcoins are another potential driver of the Ethereum price. The altcoin index is now at over 80. This means that many altcoins have done better than Bitcoin.
The crypto fear-and-greed index is now in the extreme greed area, which means that investors are taking a more risky approach. Ethereum and altcoins do very well in times of market greed.
Ethereum is a strong cryptocurrency. With over $78 billion of total value, it is the largest chain in the Decentralized Finance industry.
Ethereum is the stablecoin leader with over $100 billion. Stablecoins, which are among the most important assets of the crypto market, have a total value exceeding $106 billion.
It is also the industry’s most active chain. In the past 7 days, it handled DEX transactions totaling over $24 Billion. The assets of its DEX networks exceed $12 billion.
The post Ethereum Price Analysis: Does ETH have more upside? This post may be updated as new information unfolds
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