Some Factors Pushing Ethereum’s Price Despite Market Bears’ Activities
Ethereum recently recorded new gains, and some factors are pushing the gain narrative. Although the crypto is closing on a bullish rally, some indications reveal that the asset signals some bearish activities. The factors behind the asset’s surge have helped the crypto appreciate, despite its market situation. Ethereum’s relationship with Bitcoin helped it record some gains alongside Bitcoin’s surge.
The world’s top two largest cryptocurrencies gained early this week, which the new month could have caused. Another top reason the asset gained is the official launch of CME’s Ethereum futures next week. The exchange had announced the launch months ago, causing anticipation within the space. When CME BTC futures dropped, people opined that the futures contributed to Bitcoin’s surge.
Crypto traders rush to Ethereum
The altcoin is not slowing down anytime soon, with new traders rushing to explore the digital asset. Based on charts, the asset’s new move up the charts could ignite the Ascending Channel. Another analysis shows the digital asset’s charts, showing a short-term upward movement with trendline moving horizontally.
The rise in lower highs under resistance could signal an ETH surge with incredibly bullish signals. When looking at the technical outlook, the ascending triangle chart could move towards the $2,000 range. Still, the asset might have a bearish change when looking at charts.
Surprisingly, the asset still records notable gains while losing bullish momentum and dropping in daily volumes. The asset could suddenly cease the upward movement, which could enter a world of price drops, especially since most assets face some struggles.
Some indications show the Eth closes in on the Falling Edge. Experts define the term as a reversal pattern for a bearish market, which happens due to lower and higher highs within a channel. If the asset fails to hold, it could see a price correction. If Ethereum validates around $2,000, it would not easily fall.
The possible market situation for ETH
If the digital asset drops, it could retake its 50-day MA, slightly above $1,000, similar to the closest support. This might initiate another bull run, which would cause the asset to record even more significant gains by holding positions for longer. Similarly, towards the 20-day MA, it could see a possible break, which could help drive prices up the charts. The Wall Street controversy could push Ethereum prices upward when it influences crypto endorsement from traditional institutions.
The Robinhood incident led to GameStop, and other companies drop in shares because the company locked the purchase. Now, the online brokerage firm has to face the US Congress and explain the reason for the firm’s action. The Reddit group, which initiated the whole fiasco, caused many uproars on social media concerning the halting.
Mr. Selkis’ advice on Bitcoin and Ethereum show that crypto mainstream adoption is inevitable. He asked people to buy Bitcoin to hedge against some factors while still recording very high returns. Selkis also advised people on Ethereum as a security for the decentralized financial system.
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