- Ethereum’s price dropped by more than 7% in the last seven days.
- Most metrics and market indicators hinted at a trend reversal.
The end of May for Ethereum [ETH] was bullish as the token’s daily chart showed a massive green candlestick. But last week wasn’t in investors’ interest as the token dropped substantially.
However, the declining price trend might change soon, which might allow ETH to retest its March highs.
Ethereum enters a bullish pattern
CoinMarketCap’s data revealed that Ethereum’s price dropped by more than 7% in the last seven days. At the time of writing, ETH was trading at $3,516.89 with a market capitalization of over $422 billion.
Investors’ shouldn’t get disheartened as a bullish pattern emerged on the token’s daily chart. AMBCrypto found that ETH’s price has been consolidating inside a bullish flag pattern.
The token entered the pattern after reaching its May high. At press time, the token’s price was testing the support near the lower limit of the bullish flag pattern.
A successful test could initiate a bull rally. If that happens, then it would be surprising to see Ethereum retest its March highs of $4k in the coming weeks.
Source: TradingView
Will ETH test the pattern?
It will be crucial for ETH to register a few green candlesticks in the coming days in order for ETH to test the bullish flag pattern. To see whether that’s possible, AMBCrypto analyzed CryptoQuant’s data.
As per our analysis, ETH’s exchange reserve was dropping, meaning that buying pressure on the token was high. Additionally, the total number of coins transferred has increased by 13.93% over the last 24 hours, which can be inferred as a bullish signal.
Things in the derivatives market also looked optimistic as ETH’s funding rate rose. This meant that long-position traders are dominant and are willing to pay short-position traders.
AMBCrypto’s look at Glassnode’s data pointed out that ETH’s NVT ratio dropped last week. Whenever the metric drops, it means that an asset is undervalued, which usually results in price upticks.
Source: Glassnode
Ethereum’s price touched the lower limit of the Bollinger Bands, hinting at a rebound. Moreover, its Relative Strength Index (RSI) also registered an uptick and was headed towards the neutral mark.
Nonetheless, the MACD displayed a bearish advantage in the market, which could cause trouble for ETH’s recovery.
Source: TradingView
Read Ethereum (ETH) Price Prediction 2024-25
AMBCrypto then checked ETH’s liquidation heatmap to look for possible support and resistance levels. We found that if ETH turns bullish in the coming days, investors might witness ETH touch $3,675 in the coming days.
However, if ETH fails to test the bullish flag pattern, then the token might drop to $3,500 in the short term.
Source: Hyblock Capital
- Ethereum’s price dropped by more than 7% in the last seven days.
- Most metrics and market indicators hinted at a trend reversal.
The end of May for Ethereum [ETH] was bullish as the token’s daily chart showed a massive green candlestick. But last week wasn’t in investors’ interest as the token dropped substantially.
However, the declining price trend might change soon, which might allow ETH to retest its March highs.
Ethereum enters a bullish pattern
CoinMarketCap’s data revealed that Ethereum’s price dropped by more than 7% in the last seven days. At the time of writing, ETH was trading at $3,516.89 with a market capitalization of over $422 billion.
Investors’ shouldn’t get disheartened as a bullish pattern emerged on the token’s daily chart. AMBCrypto found that ETH’s price has been consolidating inside a bullish flag pattern.
The token entered the pattern after reaching its May high. At press time, the token’s price was testing the support near the lower limit of the bullish flag pattern.
A successful test could initiate a bull rally. If that happens, then it would be surprising to see Ethereum retest its March highs of $4k in the coming weeks.
Source: TradingView
Will ETH test the pattern?
It will be crucial for ETH to register a few green candlesticks in the coming days in order for ETH to test the bullish flag pattern. To see whether that’s possible, AMBCrypto analyzed CryptoQuant’s data.
As per our analysis, ETH’s exchange reserve was dropping, meaning that buying pressure on the token was high. Additionally, the total number of coins transferred has increased by 13.93% over the last 24 hours, which can be inferred as a bullish signal.
Things in the derivatives market also looked optimistic as ETH’s funding rate rose. This meant that long-position traders are dominant and are willing to pay short-position traders.
AMBCrypto’s look at Glassnode’s data pointed out that ETH’s NVT ratio dropped last week. Whenever the metric drops, it means that an asset is undervalued, which usually results in price upticks.
Source: Glassnode
Ethereum’s price touched the lower limit of the Bollinger Bands, hinting at a rebound. Moreover, its Relative Strength Index (RSI) also registered an uptick and was headed towards the neutral mark.
Nonetheless, the MACD displayed a bearish advantage in the market, which could cause trouble for ETH’s recovery.
Source: TradingView
Read Ethereum (ETH) Price Prediction 2024-25
AMBCrypto then checked ETH’s liquidation heatmap to look for possible support and resistance levels. We found that if ETH turns bullish in the coming days, investors might witness ETH touch $3,675 in the coming days.
However, if ETH fails to test the bullish flag pattern, then the token might drop to $3,500 in the short term.
Source: Hyblock Capital
cost generic clomid without rx clomid prescription cost where can i get cheap clomid pill clomiphene contraindications clomid medication uk can i order clomid without rx order clomiphene online
With thanks. Loads of knowledge!
Thanks towards putting this up. It’s well done.
buy azithromycin paypal – azithromycin 250mg over the counter metronidazole 400mg tablet
semaglutide 14mg ca – cyproheptadine medication order cyproheptadine online cheap
buy generic motilium online – oral cyclobenzaprine buy cyclobenzaprine medication
buy propranolol medication – clopidogrel online order methotrexate drug
buy generic amoxil – buy ipratropium 100mcg online buy combivent tablets
order azithromycin 500mg online – zithromax 500mg drug nebivolol 5mg brand
buy amoxiclav sale – atbioinfo ampicillin cost
nexium order – anexamate.com esomeprazole tablet
order warfarin 5mg – blood thinner cozaar 50mg without prescription
mobic without prescription – https://moboxsin.com/ order mobic 15mg sale
order prednisone for sale – aprep lson buy deltasone 40mg online cheap
buy erectile dysfunction medicine – fastedtotake.com best ed pill for diabetics
amoxil usa – combamoxi purchase amoxil generic
where can i buy fluconazole – this diflucan cost
cenforce 100mg over the counter – https://cenforcers.com/# buy cheap generic cenforce
side effects of cialis daily – this cialis com coupons
cialis for sale over the counter – https://strongtadafl.com/# how much tadalafil to take
buy kamagra viagra – https://strongvpls.com/ where can i buy cialis or viagra on line
Thanks an eye to sharing. It’s outstrip quality. prednisolona principio activo
This is a topic which is forthcoming to my verve… Myriad thanks! Unerringly where can I upon the phone details due to the fact that questions? https://buyfastonl.com/gabapentin.html
More posts like this would force the blogosphere more useful. https://ursxdol.com/get-metformin-pills/
With thanks. Loads of erudition! https://prohnrg.com/product/orlistat-pills-di/
Thanks on putting this up. It’s well done. cialis professional pharmacie en ligne
This is the gentle of writing I rightly appreciate. https://ondactone.com/simvastatin/
The thoroughness in this section is noteworthy.
https://doxycyclinege.com/pro/losartan/
I am in point of fact delighted to gleam at this blog posts which consists of tons of profitable facts, thanks towards providing such data. https://sportavesti.ru/forums/users/skdwg-2/
buy forxiga without prescription – https://janozin.com/# dapagliflozin 10mg generic
buy orlistat pills – janozin.com orlistat 120mg cheap