- Ethereum hits the $7K milestone, signaling potential bullish movement and breakout possibilities.
- A descending wedge pattern and key resistance levels suggest possible price rally.
- Growing network activity and declining exchange reserves indicate increased investor confidence in Ethereum.
Ethereum—ETH, hit a major milestone, reaching $7K in a key metric. This level marks a critical point, signaling possible bullish movement. Currently trading at $3,397, Ethereum has gained 5.76% in the past 24 hours. Many are now watching closely to see whether a price surge will follow.
Ethereum Breaks Out of a Descending Wedge?
The daily chart shows Ethereum trapped in a descending wedge pattern. This setup often leads to bullish breakouts. Right now, the price is testing resistance at $3,495. If Ethereum breaks through, a rally could follow, driving the price toward higher targets. However, if the price fails to break this resistance, consolidation may continue. A failure to break above $3,495 would delay recovery and keep the price range-bound for longer.
Key Metrics Show Growing Bullish Sentiment
Ethereum’s taker buy-sell ratio is at 1.003, showing a slight preference for selling. Yet, the ratio’s 0.96% increase suggests buyers are gaining momentum. If the ratio continues to rise, Ethereum could break through resistance levels.
Ethereum’s network activity also supports a bullish outlook. New addresses grew by 55.07% in the past week. Active addresses increased by 9.39%. Meanwhile, zero-balance addresses have fallen by 52.98%, showing that holders are accumulating rather than selling. Exchange reserves dropped by 0.17% to 19.29 million ETH, signaling that traders are moving tokens off exchanges. This indicates stronger long-term confidence among investors.
With growing network activity and declining exchange reserves, Ethereum is showing signs of upward momentum. A breakout above key resistance could fuel further gains. Ethereum appears poised for a gradual rise, and the $7,000 milestone might be just the beginning.
The post Ethereum Hits $7K Milestone – Will a Price Surge Follow? appeared first on Cryptonewsland.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed