Ethereum(ETH) since the last bull trend in March 2024 is down nearly 30% and has been struggling to settle above its supreme mark of $3000 since May 2024. Well, the bulls have been slightly merciful and ETH has regained the region and currently trading in a range of $2980 to $3041.
The recent 24-hour surge of 3.17% is considered to be the uplift of Bitcoin (BTC) and a starting point for the Ethereum bull rally.
In a short-term angle, we witness the price swing in the bound range of this symmetrical triangle pattern. A break above $3100 can only strengthen the trend for higher movements.
The price has resistance near its 50Day EMA, the breach above this will signify a good buying pressure. However, the neckline holds 3 reversal supports in the $2880 and $2818, wherein the retest is possible.
Ethereum Price Action Sits On The Wedge Of Bullish Run
The US CPI inflation rate released yesterday ha driven buyers towards the stock and crypto market, turning Bitcoin to hit $66k and triggering the other coins.
Ethereum’s 2 main fundamentals are the inexperienced impact of the Dencun upgrade and the long-awaited Ethereum ETF approval. Any of these positive headlines would fire up the diamond for the upward rally.
The other factor to watch is the MVR value, Market Value to Realized Value a technical indicator that helps identify whether the asset is overvalued or undervalued. A high ratio suggests an overvalued consumption, whereas a lower ratio suggests a buying opportunity. The MVR ratio for Ethereum has been falling since March and that shows an increasing buying opportunity.
Traders can set confident positions anywhere between $2880 and $3050, as there are critical resistance strong support levels being plotted.
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