The steep price drop of Ethereum (ETH) appeared to be ending as the price of the altcoin king rose during the past day.
In fact, according to CryptosNewss study, the king of cryptocurrencies may see a bull market, which might help ETH regain some of its lost value.
Ethereum is collapsing.
The price of ETH was significantly impacted by the April 12th crypto market meltdown.
The price of the king of altcoins dropped below $3k due to a downward trend, which alarmed and scared investors.
But in the last few hours, the majority of cryptocurrency daily charts turned green, signaling a shift in the market trend.
Popular cryptocurrency analyst and founder of AltCryptoGems Sjuul recently revealed in a tweet that a bull run may start if ETH is able to break above $3,050.
The fact that ETH was able to surpass that threshold was encouraging. Over the past day, ETH has increased by more than 7%, according to CoinMarketCap.
With a market capitalization of more than $391 billion, it was trading at $3,257.33 at the time of publication.
CryptosNewss examined Ethereum’s on-chain indicators to see whether this is the start of a full-fledged rebound.
Our examination of CryptoQuant’s data showed that a decline in selling pressure was indicated by the company’s declining exchange reserve.
After more investigation, we discovered a number of additional optimistic measures. The number of active addresses for the coin, for instance, rose by 12%. In the meantime, there were almost 10% more transactions than there were yesterday.
Moreover, the funding rate for ETH was green. This indicated the dominance of long-position traders and their willingness to compensate short-position dealers.
What might be the next targets?
Next, CryptoNewss examined Ethereum’s daily chart to determine whether the token’s price increase will continue. On April 15, ETH’s Relative Strength Index (RSI) saw a significant increase.
A similar pattern was also seen in the Money Flow Index (MFI), which suggested that prices would continue to rise. The price of ETH recovered from the Bollinger Bands’ lower barrier, adding more evidence that the bull movement might continue.
If the bull run continues, there are a number of levels that ETH might hit this week, according to our analysis of Hyblock Capital’s statistics. Since liquidation would increase at $3.34k, that might be the first objective for ETH.
In the coming days, ETH might as well reach $3.6k or even $3.8k if a strong breakout occurs above that.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.