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Home Ethereum

Ethereum: Buy signal for ETH? Double-bottom on price chart says…

July 9, 2024
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Ethereum: Buy signal for ETH? Double-bottom on price chart says…
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  • A bullish double-bottom price action pattern has been spotted on Ethereum in the 4-hour time frame. 
  • Short sellers are not expecting ETH to reach the $3,250 level, if it does reach this level, $1.65 billion worth of short positions will liquidate.

The world’s second-biggest cryptocurrency Ethereum [ETH] has experienced a price surge of over 5.5% following the recent update on spot Ethereum ETF (Exchange Traded Fund) in the United States.

After this ETF update, the overall crypto market turned green and investor sentiment shifted positively.

With this impressive price momentum in the last 24 hours, ETH has just reached near the 200 Exponential Moving Average (EMA). Additionally, it is just one candle away from bullishness as it is lagging slightly behind 200 EMA.

Ethereum bullish double bottom breakout

According to expert technical analysis, ETH was looking bullish as it formed a double-bottom price action pattern in a 4-hour time frame and at a neckline near the $3,085 level.

If it gives a breakout and 4-hour candle closing above the neckline, there is a high possibility for ETH to hit the $3,250 and $3,300 levels. 

Source: TradingView

Furthermore, this bullishness in the Ether chart is also getting support from the Relative Strength Index (RSI), which is in the oversold area and signals a potential recovery.

Despite this bullish double-bottom pattern, ETH has been consolidating within a tight range between the $2,850 and $3,080 levels for the last five days.

However, this consolidation is taking place at an important support level, and a breakout or breakdown from this consolidation zone may cause a significant price momentum in either direction.

Source: TradingView

Ether’s strong support level and liquidation area

However, ETH has reached this level more than four times since April 2024. Regardless of market conditions, ETH prices have consistently bounced back to either the $3,250 level or the $3,670 level, as shown by historical data on a daily chart.

See also  Audius (AUDIO) Price Prediction

This time traders expect a similar price surge from this level.

Following the ETF update, ETH’s Open Interest (OI) surged by more than 5.5%, indicating that investor and trader interest and confidence have returned, according to data from an on-chain analytic firm CoinGlass. 

Meanwhile, traders liquidated a notable $59.94 million of their positions, out of which bulls have liquidated $23.75 million of long positions and short sellers liquidated a notable $36.16 million of short positions, as per CoinGlass data. 

If ETH hits the $3,250 level in the coming days, nearly $165 billion of short position will liquidate. Over the last seven days, short sellers have been expecting that ETH won’t reach the $3,250 level, as per the latest liquidation data from CoinGlass.

Source: CoinGlass


Read Ethereum’s [ETH] Price Prediction 2024-2025


At press time, ETH was moving near the $3,075 level and it experienced a 5.5% price surge in the last 24 hours.

If we look at the performance of ETH over a longer period, it has lost nearly 10% of its value. Whereas, in the last 30 days, ETH is down by 16%. 

 

Next: Could Solana ETFs be arriving sooner than anticipated?

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Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • A bullish double-bottom price action pattern has been spotted on Ethereum in the 4-hour time frame. 
  • Short sellers are not expecting ETH to reach the $3,250 level, if it does reach this level, $1.65 billion worth of short positions will liquidate.

The world’s second-biggest cryptocurrency Ethereum [ETH] has experienced a price surge of over 5.5% following the recent update on spot Ethereum ETF (Exchange Traded Fund) in the United States.

See also  Bitcoin vs Ethereum - Here's why Raoul Pal is backing ETH in a post-election race

After this ETF update, the overall crypto market turned green and investor sentiment shifted positively.

With this impressive price momentum in the last 24 hours, ETH has just reached near the 200 Exponential Moving Average (EMA). Additionally, it is just one candle away from bullishness as it is lagging slightly behind 200 EMA.

Ethereum bullish double bottom breakout

According to expert technical analysis, ETH was looking bullish as it formed a double-bottom price action pattern in a 4-hour time frame and at a neckline near the $3,085 level.

If it gives a breakout and 4-hour candle closing above the neckline, there is a high possibility for ETH to hit the $3,250 and $3,300 levels. 

Source: TradingView

Furthermore, this bullishness in the Ether chart is also getting support from the Relative Strength Index (RSI), which is in the oversold area and signals a potential recovery.

Despite this bullish double-bottom pattern, ETH has been consolidating within a tight range between the $2,850 and $3,080 levels for the last five days.

However, this consolidation is taking place at an important support level, and a breakout or breakdown from this consolidation zone may cause a significant price momentum in either direction.

Source: TradingView

Ether’s strong support level and liquidation area

However, ETH has reached this level more than four times since April 2024. Regardless of market conditions, ETH prices have consistently bounced back to either the $3,250 level or the $3,670 level, as shown by historical data on a daily chart.

This time traders expect a similar price surge from this level.

Following the ETF update, ETH’s Open Interest (OI) surged by more than 5.5%, indicating that investor and trader interest and confidence have returned, according to data from an on-chain analytic firm CoinGlass. 

See also  Ethereum (ETH) Price to Hit $50k by 2030? Here Are the Top Reasons

Meanwhile, traders liquidated a notable $59.94 million of their positions, out of which bulls have liquidated $23.75 million of long positions and short sellers liquidated a notable $36.16 million of short positions, as per CoinGlass data. 

If ETH hits the $3,250 level in the coming days, nearly $165 billion of short position will liquidate. Over the last seven days, short sellers have been expecting that ETH won’t reach the $3,250 level, as per the latest liquidation data from CoinGlass.

Source: CoinGlass


Read Ethereum’s [ETH] Price Prediction 2024-2025


At press time, ETH was moving near the $3,075 level and it experienced a 5.5% price surge in the last 24 hours.

If we look at the performance of ETH over a longer period, it has lost nearly 10% of its value. Whereas, in the last 30 days, ETH is down by 16%. 

 

Next: Could Solana ETFs be arriving sooner than anticipated?
Tags: buyChartDoublebottomETHEthereumPricesays..signal

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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Can Ethereum whales push ETH to $4k in March?

Can Ethereum whales push ETH to $4k in March?

March 7, 2024
Cango Inc. 50 EH/s Power Play: Is This the Next Big Name in Bitcoin Mining?

Cango Inc. 50 EH/s Power Play: Is This the Next Big Name in Bitcoin Mining?

March 30, 2025
‘Eve Frontier’ Game Trial Will Open ‘Eve Online’ Ethereum Spinoff to All

‘Eve Frontier’ Game Trial Will Open ‘Eve Online’ Ethereum Spinoff to All

April 10, 2025
Cardano Flashes Strong Sell Signals! Will ADA Price Find Support At $0.36?

Cardano Flashes Strong Sell Signals! Will ADA Price Find Support At $0.36?

June 4, 2024

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