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Ethereum

Ethereum: Experts Predict Imminent Bull Run Toward $1,900

Christian Encila by Christian Encila
2 weeks ago
in Cryptocurrency Market News
Reading Time: 3 mins read

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, appears to be on the verge of a potential reversal.

Technical analysis shows a compelling case for Ethereum’s potential reversal toward the $1,900 mark. The coin has shown signs of finding support at its current levels, and with mounting buying pressure, a bullish trend could be on the horizon.

As the crypto market continues to evolve, all eyes are now on Ethereum and its potential reversal.

Related Reading: Shiba Inu Struggles To Initiate A Breakout: Will It Defy Resistance And Rebound?

Decreasing Volatility, Trading Volume Indicate Potential Reversal For Ethereum 

Ethereum’s price charts reveal a notable decline in volatility, indicating a potential shift in market sentiment. Volatility, which measures the frequency and magnitude of price fluctuations, is on the decline, suggesting that the bearish sentiment surrounding Ethereum may be losing steam. 

This drop in volatility often precedes trend reversals and signifies a market that is maturing and finding consensus among investors.

Accompanying the decreasing volatility, Ethereum has also experienced a decline in trading volume, a crucial indicator of market activity and investor interest. The reduced trading volume is significant as it signifies a decrease in selling pressure, creating an environment conducive to potential price spikes. 

For Ethereum, the diminishing trading volume sets the stage for a bullish reversal and hints at the possibility of an upward price surge.

Source: Coingecko

Amidst these positive indicators, Ethereum continues to ride the wave of success, with CoinGecko reporting an impressive price of $1,862, reflecting a remarkable 3.1% rally in the past 24 hours alone. Furthermore, the cryptocurrency demonstrates a promising seven-day increase of 2.8%, adding to its growing momentum.

Source: CryptoQuant

Mixed Signals: Staking Inflows Down

Despite Ethereum’s positive price momentum and decreasing volatility, recent data from CryptoQuant reveals a decline in staking inflows. On Sunday, staking inflows stood at 93,952 ETH but dropped to 71,648 ETH on Monday. Although still higher compared to recent dips, the decrease in staking inflows suggests a potential shift in investor behavior.

On the other hand, the total value staked continues to climb. This indicates that while the rate of increase has slowed down, there is still ongoing interest in staking Ethereum, potentially driven by the prospect of earning passive income through staking rewards.

ETHUSD currently at $1,861 on the daily chart at TradingView.com
Related Reading: These Top 5 Cryptos Are Seen Making Big Moves This Week

Another aspect to consider is the withdrawal profile, which has presented mixed signals. Overnight, there was a notable spike in principal withdrawals, indicating a bearish sentiment. However, projections for the morning session suggest a more bullish outlook, with expectations of principal ETH withdrawals falling to below-normal levels.

These withdrawal patterns contribute to the overall uncertainty surrounding Ethereum’s short-term market outlook. While staking inflows decrease and withdrawal activity remains inconsistent, investors and analysts are closely monitoring these indicators to gauge the direction of the market and the sentiment of Ethereum holders.

-Featured image from WSJ

Tags: altcoinsbtcusdeth priceethereumethusdPrice action
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Christian Encila

Christian Encila

Christian is a former journalist and editor, as well as a layout design consultant, who previously held leadership positions at Sun.Star News Philippines and Ang Peryodiko News, a local daily in Manitoba, Canada. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

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