Bullish: Signals Suggest That Ethereum Might Make A Break Above $3,085
18 Février 2022 - 06:00PM
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Ethereum has been on another decline along with the market. After
struggling to cross $3,100, the digital asset had taken another
beating down that saw it crash below $3,000 once again. However,
this does not signal more downtrends. In fact, indicators point to
the coming upside from Ethereum despite the recent trend, one that
would see it test another important resistance point. Ethereum
Crossing $3,000? It is no secret that Ethereum has largely
fluctuated around $3,000. This price mark is important to the
asset, hence the reason why bulls continue to battle hard to keep
it. And as sentiment continues to move into the positive, the
cryptocurrency is poised to be one of the top gainers from the
coming rally. This will see it test a major resistance point before
continuing on its upward trajectory. Related Reading | This
Indicator Points To A Bitcoin Bottom, $50K Next Target? Although
sell signals have continued to overpower buys for the digital
asset, other aspects show growing bullish sentiment. A look at the
20-day moving average shows that Ethereum is currently trading
above it. This is one of the signals that show how investors are
looking at a digital asset in the long term and with ETH trading
above this point, it shows that users are willing to purchase it at
a higher price than they did over the last few weeks. ETH crumbles
to $2,800 | Source: ETHUSD on TradingView.com For an asset like
ETH, this could mean that a reversal is in the works for the
cryptocurrency. After settling above its first support level of
$2,780, $3,085 is naturally the next resistance point to test. Once
broken, ETH could very well ride it until another test at $3,400, a
more problematic bump for it to cross. ETH holders Thrown Into
Profit More Ethereum holders are still in profit despite the recent
downtrend. It has proven to be one of the more resilient assets
with a strong holder base that holds through the worst and this is
paying off for investors. Currently, Ethereum is one of the
cryptocurrencies with the highest profit rate for investors even
though it has lost almost 40% of its all-time high value. Related
Reading | Twitter Adds Ethereum Option To Tipping Feature A
total of 72% of Ethereum holders remain in profit even below
$3,000. These holders, the majority of which have held their tokens
for more than a year, are more bullish, “diamond hands” that are
less likely to sell even in a downtrend. On-chain and exchange
signals are mostly bullish. However, with the price firmly below
the 50-day moving average, it indicates more sell sentiment over
the long term, indicating that any uptrend from this point will
likely be short-lived. Featured image from GreekReporter.com, chart
from TradingView.com
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