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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why This Ethereum Indicator Points to Bullish Continuation

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Ethereum

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Ethereum briefly bounced back from its critical support zone, but the bears resumed their attack. The second crypto by market cap has returned to an area that must be defended to prevent further losses.

Related Reading | TA: Ethereum Revisits $2.8K, Why Upsides Might Be Limited

At the time of writing, Ethereum (ETH) trades at $2,840 with a 3% loss in the last 24-hours.

Ethereum ETH ETHUSD
ETH moving sideways on the 4-hour chart. Source: ETHUSD Tradingview

The general sentiment in the market has been trending to the negative as Bitcoin, Ethereum, and larger cryptocurrencies experience more downside. However, some experts have been providing bulls with hope as long as the crypto market can sustain its current levels.

A pseudonyms trader pointed at ETH’s price current structure and determined that it can trend upwards from its present price. The trader looked at Ethereum’s On Balance Volume (OBV) and said it is “still alive”.

As seen below, this metric has been moving sideways since the start of April despite ETH’s price action. In that sense, the trader said the bullish biased remains as long as the OBV is capable of sustaining these levels.

Ethereum ETH ETHUSD
Source: IncomeSharks via Twitter

Ethereum has been making higher highs and higher lows throughout 2022 and seems poised to bounce back to the former above $3,000, as the chart above shows. The pseudonym trader said:

You may think I’m still being biased bullish but I can’t call this chart bearish yet. OBV has held support on the daily, and we still have made a higher low. Break one of those and I lose my bullish thesis.

In the past, these long periods of consolidation in the price of Ethereum and its OBV have been followed by important rallies. In May and June last year, the price of large cryptocurrencies trended to the downside and then move sideways before re-entering uncharted territory.

Should You Sell Ethereum At Its Current Levels?

The crypto market, as many operators have been pointing out across social media platforms, is moving in tandem with traditional equities. These assets are reacting to a negative earnings season for major companies and the possibility of an aggressive shift in monetary policy from the U.S. Federal Reserve (FED).

The Nasdaq 100 index, highly correlated with Ethereum and the crypto market, has been displaying weakness as it trends further downwards in 2022. As long as this index remains on a bearish trend, crypto seems unlikely to regain its strength.

Related Reading | Will The Ethereum Merge Skyrocket ETH?

However, current levels could operate as a short-term bottom for ETH and BTC prices. The pseudonym trader said the following about the current price action and its capacity to bounce upwards:

“Selling major support is one of the biggest mistakes traders make”. Look what happened last time people were selling Bitcoin. At least wait until support breaks if you want to sell.

Ethereum ETH ETHUSD
Source: IncomeSharks via Twitter
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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