Ethereum (ETH), the second-largest crypto token by market cap, has finally shown signs of life with a price rise to $3,300 over the weekend. This movement is believed to mark the beginning of a trend reversal for Ethereum, as several bullish signals have appeared on its chart. According to crypto analyst Derek, the signals on Ethereum’s Moving Average Convergence/Divergence (MACD) indicator indicate that the decline has ended and the direction has shifted upward. Additionally, he pointed out the Ethereum Dominance chart, which has confirmed three bottoms and shown a strong rebound. This rebound after confirming the bottom three times suggests that further decline is unlikely and there is a high probability of an upward trend.
One interesting aspect of Ethereum’s recent price rebound is the lack of volume, indicating that individual investors are more active than institutional ones during this period. This shift towards individual investors has been reflected in recent buys by Ethereum whales like Justin Sun, who have contributed significantly to Ethereum’s resurgence. For instance, a wallet believed to belong to the TRON founder recently purchased $405 million worth of Ethereum, while another wallet suspected to be Sun’s has accumulated $891 million worth of ETH since February 12. Despite some whales experiencing losses, such as one who lost $4.5 million in longing ETH but opened another long worth over $17 million, the overall sentiment remains positive towards Ethereum.
Crypto analyst Trader Tardigrade highlighted Ethereum’s breakout to a descending trendline on the daily chart of its Bitcoin pair. He also mentioned that Ethereum’s Relative Strength Index (RSI) showed a breakout from a symmetrical triangle and is now above 50, indicating a bullish trend for the crypto token. Based on these technical indicators, Trader Tardigrade stated that it is the “time for Ethereum” and suggested that other altcoins will also see a surge once Ethereum starts its parabolic move upwards. This sentiment was echoed by Derek, who predicted that the rise of Ethereum will drive the explosive rise of other altcoins that have been suppressed.
Crypto expert Michaël van de Poppe previously predicted that the narrative would shift towards Ethereum post-halving, leading to a bounce for the crypto token and other altcoins in their Bitcoin pair once the hype around the halving subsided. As of the time of writing, Ethereum is trading at around $3,170, showing a slight decrease of over 1% in the last 24 hours, according to data from CoinMarketCap. Despite this minor fluctuation, the overall sentiment towards Ethereum remains bullish, with experts foreseeing further gains in the coming months.
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