Renewed uptrend or major pullback: what’s next for ETH?
The second-largest cryptocurrency recently rose to its highest level since early February, raising hopes among bulls that another uptrend could be on the way.
However, global geopolitical tensions, generally bearish market conditions, and other factors have suppressed the price, and the question now is whether a deeper correction will come next.
What now?
About a week ago, ETH rose to nearly $2,465 but is currently trading around $2,300. User male That the asset tried to reclaim the $2,400 mark but failed, leading to $2,250 being identified as the next major support.
Other analysts who weighed in on the cryptocurrency’s recent performance include CRYPTOWZRD and Crypto Tony. the previous He claimed A break above the $2,380 resistance level and holding there could open the door to a larger upside, while the latter… Pay special attention To another important area:
“Get $2,360 back and we can talk about a safer long entry, but not right now.”
Meanwhile, some prominent industry figures remain convinced that ETH is about to reach somewhat ridiculous peaks (at least for now). A clear example of this is Tom Lee (CIO at Fundstrat Capital), who recently Plasmodium Equivalent rise to $250,000.
It is important to note that it is Chaiman ot Bitmine Immersion Technologies – a company that has invested heavily in ETH. Not long ago, the entity Purchased 101,627 coins, bringing its total stash to nearly 5 million tokens, or about 4.12% of Ethereum’s circulating supply.
Signals on the chain
According to some technical indicators, ETH may be on the verge of another comeback. For example, the Relative Strength Index (RSI) has fallen below 30, which means that the asset has entered the oversold zone and may be due for a rally.
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Traders often use the technical analysis tool to spot potential trend reversals. It ranges from 0 to 100, with anything above 70 being a warning of an impending correction.
Next on the list is a decrease in the amount of ETH stored on exchanges. Data from CryptoQuant shows that the number recently dropped to an almost 10-year low of approximately 14.5 million. This trend reflects strong investor conviction and reduces immediate selling pressure.
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