Crypto enthusiasts and investor confidence in a major rally for Ethereumthe second largest digital asset, has grown strongly due to ETH’s renewed price performance, driven by rising bullish sentiment in the overall cryptocurrency market.
A bullish breakout for Ethereum is looming
Analyst at IC News, an information outlet on the X platform (formerly Twitter), has done just that pointed out a bullish stance for Ethereum as the market predicts that the crypto asset could be poised for a significant upside breakout, indicating ETH is gaining a lot of popularity.
IC News’ optimistic forecast comes amid a continued improvement in market conditions, fueling strong belief in the altcoin’s potential to experience a near-term edge, which could ultimately attract both retail and institutional investors. investors.
After examining Ethereum’s current price trend, IC News proclaims that “a breakthrough for ETH could be in the making” due to its resilience, while highlighting several key price levels that could be key in defining the scope of the upward trend.
According to the platform, despite previous market fluctuations, the altcoin has remained strong above the $2,500 price level, a crucial psychological support range. Moreover, this level has held well and could serve as a springboard for a more powerful upward move in the coming days.
Looking ahead, the platform noted that the next crucial resistance level to watch out for is the $2,772 range, while the $3,521.41 level is a more substantial barrier that could confirm or stop ETH’s bullish momentum.
In the event that Ethereum can surpass these key resistance levels, IC News claims that the crypto asset could see a substantial increase in the short term. However, if these levels remain strong, ETH could enter a consolidation phase as it waits for a clear catalyst.
Investors who don’t want to sell their ETH shares?
Ethereum’s price recently gained bullish momentum, pushing the digital asset to reach the $2,716 level on Wednesday. In concrete terms, this price increase started afterwards ETH fell as low as $2,400 over the weekend, which piqued investor interest.
However, the crypto asset seems to be slowly losing its upward pressure since it started bearish today, registering a decline of almost 1% over the past day. Despite this decline, investors may lose interest in selling their shares ETH as evidenced by a decline in the Exchange Net Position Change metric.
IC news marked that this key measure has been on a downward trend since the beginning of the month, which is a positive indication of a possible rally. Furthermore, as the benchmark moves closer to the neutral line, this shift implies that selling pressure is easing, demonstrating investor confidence in the altcoin’s future performance.
Featured image from Unsplash, chart from Tradingview.com