⚈ The last gathering ETH has paid after $ 2,400 after the bear market for 10 weeks, driven by Pectra and $ 400 million in short qualifications.
⚈, however, the excessive RSI levels in the field of sticking and continuous ETF flows indicate caution despite the recent gains.
With amazing ETHEREUM (ETHEM) currency currency markets with weekly gains exceeding 30 %, the most prominent veteran Peter Brandt trader that the original can be a greeting of other upward prices.
Brandt’s analysis indicated a multi -year congestion pattern, indicating the potential “moon shot” as ascending triangular shapes. This pattern, which often indicates an upward step when it is resulted in the upper direction, is highlighted at X mail On May 9.
With the support of this upward view, the long -term trend is characterized by an ascending trend line that connects the bottom 2020 to the lowest 2025, indicating a continuous upward momentum.
The trend line provides this support, which enhances the ups of Ethereum, especially as it trades higher than the decisive resistance level of $ 2150, a major outbreak.
The drop -off of the trading expert also set the 1,728 dollar support area as a major basis, indicating a strong purchase benefit during multiple corrections.
Moreover, technical indicators are compatible with bulls. In this case, the 8-period and 18-in-term moving averages converge, which may create an upper intersection if the momentum continues to construct.
Meanwhile, the average trend index (ADX) remains weak but can enhance if ETH wipes the public resistance near $ 2,150.
The main levels of Ethereum to watch
It should be noted that after the ongoing losses, ETHEREUM regained its location near the top of the encrypted currency market, as it outperformed the bitcoin and exceeded the mark of $ 2400 for the first time in more than three months. This gathering started on May 8 and ended the bear market for 10 weeks, which paid ETH to $ 1,385 in early April.
This sharp move sparked more than $ 400 million in ETH short positions, as many whales and market makers hunted.
Analysts attribute this increase to the start of the successful promotion of Pectra’s ethereum, a significant technical improvement that focuses on network expansion and ease of use.
However, despite this price jump, Eter Eter Eths witnessed a third consecutive outdoor flow, which delivered $ 16 million on May 8. This indicates that the assembly is more paid than the basics on the broader series and the most brilliant brooms of institutional flows.
Ethereum prices analysis
As of the time of the press, ETHEREUM is traded at $ 2,467, an increase of more than 6 % in the past 24 hours, and has gained more than 35 % on the weekly graph.
The original is still higher than the simple moving average for 50 days, which is $ 1823, but less than SMA for 200 days worth $ 2,559, which reflects a mixed technical preparation. More importantly, the 14 -day relative indicator for Ethereum (RSI) indicates a possible correction in 81.
Nevertheless, the market morale is still neutral, with the Fear & Greed Index in 70 (greed), indicating a positive momentum that can gain gains.
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