Ethereum Price Prediction as Recovery May Emerge From $1,500 – Is the Bearish Trend Reversing?
The Ethereum price has risen by 1.5% in the past 24 hours, with its move to $1,579 coming as the cryptocurrency market as a whole recovers by nearly 2% today.
Despite today's rise, ETH remains down by 2% in the past week and by 9% in the past fortnight, although the altcoin has risen by 32% since the beginning of the year.
And given that it has bounced today after nearly a week of negativity, it would seem that the coin is potentially on the brink of a sustained, especially when its fundamentals remain so strong, and especially when the end of the year is often positive for financial markets.
Ethereum's chart is beginning to look a little more bullish, with the coin having sustained losses pretty much consistently since the middle of August.
Most notably, its relative strength index (purple, below) has begun climbing towards 50, indicating rising momentum while also leaving plenty of room for further rises before the coin ever risks becoming overbought.
At the same time, ETH's 30-day exponential moving average (yellow) has now fallen so far below is 200-day average (blue) that it can normally be expected that the coin will rebound in the near future.
Bolstering this view is the fact that the coin's support level (green) is now rising precipitously, forming a pennant with its resistance level (red) that may ultimately lead to a breakout.
It's highly arguable that ETH has been due a breakout for several months now, given that it has probably the best fundamentals of any altcoin in the market, and given that it has so severely suffered from 2023's largely stagnant market.
However, it's hard to say whether any overdue breakout will come sooner rather than later, given that whales still appear to be sending ETH to exchanges at the
Read more on cryptonews.com
