The 90 -day definition was reinforced by the US President’s cryptocurrency market in general, especially the price of ETHEREM (ETH), which gained more than 13 % in an ascending gathering. This positive momentum in the encryption market follows a long period of descending movement.
ETHEREUM (ETH) current price momentum
At the time of the press, the price of Ethereum was trading near $ 1,670, after it recorded an increase of more than 13 % in the past 24 hours. At the same time, during the same period, the trading volume increased by 85 %, indicating an increase in the participation of traders and investors compared to the previous day.
Technical analysis of Ethereum and upcoming levels
This increase in ETH price stopped the constant decrease in ETHEREUM. According to expert technical analysis, ETH formed a pattern of candles at the main support level of $ 1,440. If the current market morale remains unchanged, there is a strong possibility that ETH will rise by 11 % to reach the level of $ 1850 in the coming days.
Despite ETHEREM’s bullish expectations, it is still trading without the 200 -day SIA moving average (EMA) on the daily time frame, indicating that the original remains in a declining direction.
Looking at the current market morale and the upward ethereum momentum, traders are betting strongly on the upper side, according to the Series Analysis Company Coinglass.
Traders are betting at a value of $ 516 million in the bullish bet
Nowadays, the long/short/short ratio is 1.03, indicating a strong bullish feeling among merchants and indicates that long situations are higher than short situations.
In addition, the merchant’s donkey is excessive at the level of $ 1,585 on the underside (support) and $ 1,696 on the upper side (resistance), after they built $ 516 million and $ 80 million in long and short positions, respectively, over the past 24 hours.
These scales clearly indicate that merchants currently dominate the market and have strong interest and confidence in Ethereum.
