Ethereum (ETH) Price Analysis: Bullish Momentum Building
The Ethereum (ETH) price has surpassed the $1850 mark and is currently trading at around $1880. It shows potential to push towards the resistance level at $2000.
ETH Ready For Bullish LMACD Crossover
Although sentiment around Ethereum is currently low, the ETH price is on track for a bullish crossover of the 1M LMACD indicator. This crossover, occurring near the zero line indicator, suggests a significant shift in momentum. Similar crossovers in the past have led to sustained bull markets for ETH and other altcoins, particularly in the DeFi space.
Ethereum Price Analysis: Outperforming BTC
ETH is currently trading at $1875 and has outperformed BTC by staying above the $1780 support zone. It has cleared the resistance at $1850 and even spiked above $1900, reaching a new multi-week high of $1912. ETH is consolidating its gains and is trading above the 100-hourly Simple Moving Average.
A key bullish trend line is forming with support near the $1870 mark on the hourly ETH/USD chart. Resistance levels are at $1900, $1920, and $1950. If these levels are crossed, ETH could test the resistance at $2000 and potentially surge higher.
A Correction On The Cards?
If ETH fails to surpass the resistance at $1920, a downward correction could occur with support levels at $1870 or the trend line. The next critical support level sits at $1850 near the 50% Fib retracement level. A break below this level may lead to a bearish wave.
ETH Whale Initiates Binance Exodus
An ETH whale has been actively transferring a significant amount of ETH out of Binance. The total ETH withdrawn from Binance stands at 17,316 ETH in just two days. This withdrawal, along with a recent decline in the volume of ETH held on exchanges, suggests a growing desire to accumulate ETH holdings and a potential uptrend in its price.
Transactions involving large amounts of ETH have also surged, indicating increased activity from whales. Data shows a total of 179 transactions exceeding $100,000 involving ETH.
Hot Take: Ethereum Gains Momentum Amidst Bullish Signals
Ethereum’s price is showing promising signs as it surpasses key resistance levels and outperforms BTC. The potential bullish crossover of the 1M LMACD indicator further supports a positive outlook for ETH. However, a correction may be on the horizon if certain resistance levels are not surpassed. Additionally, an ETH whale’s withdrawal from Binance and a decline in exchange holdings suggest growing confidence and accumulation of ETH. These factors contribute to the overall momentum building for Ethereum.
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