Ethereum: Can bulls help ETH break THIS price for a 23% rally.
Can ETH price sustain gains or face another dip?
Ethereum (ETH) has experienced significant price movements recently, with both declines and signs of recovery. Here’s a breakdown of the latest trends, key levels, and technical indicators driving the market.
Recent Price Movement
On February 1, ETH faced rejection at a descending trendline, leading to a 13.87% drop.
This decline pushed ETH below the crucial $3,000 level.
The downward trend continued with another 9% drop the following week.
Last week, ETH saw a 1.3% recovery, followed by an additional 3% gain this week.
As of Friday, ETH is trading around $2,740.
Read ETH Price Prediction for more detailed insights
Key Resistance and Support Levels
Resistance: ETH must break above $3,000 to confirm an upward trend.
Support: If ETH fails to sustain its momentum, it could decline to $2,359.
A further drop could push ETH to the next major support at $1,905.
Technical Indicators: Bullish Signals Emerging?
RSI (Relative Strength Index): Currently at 44, up from the oversold level of 30. A move above 50 is needed for susta
ined bullish momentum.
MACD (Moving Average Convergence Divergence): Recently showed a bullish crossover, signaling a potential price increase.
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Market Sentiment: Buyers Gaining Control
Taker Buy-Sell Ratio: Reached 1.13, its highest level this year, indicating increased buying pressure.
Funding Rate: 0.0050% (positive), showing traders are confident in Ethereum’s future gains.
Liquidity Inflows: Strong Market Confidence
Ethereum Netflow: Data from Artemis reveals $100.7 million in net inflows over the past seven days.
This signals strong investor confidence and could fuel a price rally.
If ETH maintains its upward momentum, it could break $3,000 and rally toward $3,440.
Failure to hold support may result in further declines, with key levels to watch at $2,359 and $1,905.
Monitoring technical indicators and liquidity trends will be crucial for predicting the next major move.