Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: Stanlosky on May 05, 2024, 10:27:25 AM
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Ethereum’s price is yet to continue its uptrend following a rejection from the $4,000 resistance level. But the bulls are now showing signs of strength, perhaps staging a more considerable recovery.
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HOME » ETH » IS THE ETHEREUM BULL MARKET BACK OR IS ANOTHER DIP BELOW $3K IMMINENT? (ETH PRICE ANALYSIS)
Is the Ethereum Bull Market Back or is Another Dip Below $3K Imminent? (ETH Price Analysis)
Author: CryptoVizArt
Last Updated May 4, 2024 @ 14:26
Ethereum’s price is yet to continue its uptrend following a rejection from the $4,000 resistance level. But the bulls are now showing signs of strength, perhaps staging a more considerable recovery.
[Technical Analysis
As the daily chart depicts, Ethereum’s price has been making lower highs and lows inside a descending channel since failing to break above the $4,000 resistance level.
Yet, the cryptocurrency is climbing back above the $3,000 level and the midline of the channel. If the market successfully recovers back to these levels, a breakout above the channel and a continuation toward $4,000 and even higher prices can be expected.
The 4-Hour Chart
The 4-hour chart offers a much clearer picture of recent price action. The market has barely broken through the $3,000 resistance zone and is currently testing the midline of the descending channel.
With the RSI showing values above 50%, ETH is likely to break through the level and potentially continue outward to the $3,600 resistance area. In this case, market participants can be optimistic that a new bullish wave will begin soon.
Sentiment Analysis
Ethereum Funding Rates
Following the recent decline in Ethereum’s price, many futures traders have been liquidated or reversed their long positions. This can be a good sign, as the futures market has seemingly cooled down.
This chart demonstrates the Ethereum funding rates metric, which measures whether buyers or sellers are executing their futures orders more aggressively (using market orders). Positive values point to bullish sentiment, while negative ones show bearish expectations.
It is evident that the funding rates have significantly dropped compared to a couple of months ago. Low but positive funding rates can be interpreted as a bullish signal, as they show that while the futures market is not overheated anymore, the demand is still there, and the price can soon rally higher.
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no one can really tell mate because not unless bitcoin rose from its ATH and record another big price then that will be the time to believe that there is something great coming .
but to the time being ? not sure if even you can tell us how ethereum might be sooner but what we need to do is to decide what is necessary and that is to hold your ethereum now and until the bullrum comes.
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Etherum price is being controlled by the price of bitcoin and that was why when bitcoin price dipped to 56k last week, altcoins also experienced the dip, and this was why Etherum price also dipped to 3k. Now that OP is saying that the price of Ether has started increasing back, it is because bitcoin from 56k dip was able to pump back to 64k+. Currently, this is the price of bitcoin as it went back to 63k+. So you should understand why Etherum price movement was like that recently. Bitcoin is king.
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Ethereum’s price is yet to continue its uptrend following a rejection from the $4,000 resistance level. But the bulls are now showing signs of strength, perhaps staging a more considerable recovery.
Ethereum’s price is yet to continue its uptrend following a rejection from the $4,000 resistance level. But the bulls are now showing signs of strength, perhaps staging a more considerable recovery.
It is evident that the funding rates have significantly dropped compared to a couple of months ago. Low but positive funding rates can be interpreted as a bullish signal, as they show that while the futures market is not overheated anymore, the demand is still there, and the price can soon rally higher.
This piece is taken from here: https://cryptopotato.com/is-the-ethereum-bull-market-back-or-is-another-dip-below-3k-imminent-eth-price-analysis/
Next time, OP please make sure you are also including the source of the material you posted in this posted so we will not be known as a plagiarism forum. Talking on Ethereum, just like many of its holders and supporters, I am more inclined to believe that it would eventually be back around $3500 though getting back into the $4K level can be an uphill climb. When it touched below $3000, I was taken a little bit surprised but am still looking at its fundamentals and then I know that it would be bouncing back to where it was days ago and then maybe in the next few weeks get back it its pre-halving station. Just like Bitcoin, Ethereum remain to be strong and if ever the time will come for the approval of its ETFs we can see it surge even more than $5K which can be a big step towards its rightful price of $10000 which should be happening in 2025. Now, be aware that this just my speculative view and anything can happen in the market as there are many unforeseen forces working for and against any traded asset.
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Ethereum’s price is yet to continue its uptrend following a rejection from the $4,000 resistance level. But the bulls are now showing signs of strength, perhaps staging a more considerable recovery.
CryptoPotatoTOGGLE NAVIGATION
HOME » ETH » IS THE ETHEREUM BULL MARKET BACK OR IS ANOTHER DIP BELOW $3K IMMINENT? (ETH PRICE ANALYSIS)
Is the Ethereum Bull Market Back or is Another Dip Below $3K Imminent? (ETH Price Analysis)
Author: CryptoVizArt
Last Updated May 4, 2024 @ 14:26
Ethereum’s price is yet to continue its uptrend following a rejection from the $4,000 resistance level. But the bulls are now showing signs of strength, perhaps staging a more considerable recovery.
[Technical Analysis
As the daily chart depicts, Ethereum’s price has been making lower highs and lows inside a descending channel since failing to break above the $4,000 resistance level.
Yet, the cryptocurrency is climbing back above the $3,000 level and the midline of the channel. If the market successfully recovers back to these levels, a breakout above the channel and a continuation toward $4,000 and even higher prices can be expected.
The 4-Hour Chart
The 4-hour chart offers a much clearer picture of recent price action. The market has barely broken through the $3,000 resistance zone and is currently testing the midline of the descending channel.
With the RSI showing values above 50%, ETH is likely to break through the level and potentially continue outward to the $3,600 resistance area. In this case, market participants can be optimistic that a new bullish wave will begin soon.
Sentiment Analysis
Ethereum Funding Rates
Following the recent decline in Ethereum’s price, many futures traders have been liquidated or reversed their long positions. This can be a good sign, as the futures market has seemingly cooled down.
This chart demonstrates the Ethereum funding rates metric, which measures whether buyers or sellers are executing their futures orders more aggressively (using market orders). Positive values point to bullish sentiment, while negative ones show bearish expectations.
It is evident that the funding rates have significantly dropped compared to a couple of months ago. Low but positive funding rates can be interpreted as a bullish signal, as they show that while the futures market is not overheated anymore, the demand is still there, and the price can soon rally higher.
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