Ethereum (ETH), the second-largest cryptocurrency, has shown signs of life by rising above $3,300. This move may indicate a trend reversal for ETH, supported by several bullish signals.
Bullish Chart Indicators
- MACD: Signals have reversed upward, indicating an end to the decline.
- Ethereum Dominance: Confirmed three bottoms and rebounded strongly.
- Notably: Ethereum’s price rebound has occurred without significant volume, suggesting that individual investors are driving the move.
Whale Activity
- Justin Sun:
A wallet believed to belong to the TRON founder has purchased $405 million worth of ETH. - Other Whale: Despite losing $4.5 million on a previous ETH trade, opened another long position worth over $17 million.
Technical Analysis
- Descending Trendline Breakout: Ethereum has broken out of a descending trendline on its daily chart against Bitcoin.
- RSI Breakout: Ethereum’s Relative Strength Index (RSI) has broken out of a symmetrical triangle, with a value above 50, indicating bullishness.
Analyst Predictions
- Trader Tardigrade: Ethereum’s breakout signals “time for Ethereum” and predicts a surge in altcoins.
- Derek: Ethereum’s rise will drive an “explosive rise of altcoins.”
- Crypto Prof: Altcoins will “run even more” as Ethereum gains value.
- Michaël van de Poppe: Ethereum and altcoins will bounce against Bitcoin after the halving hype subsides.
Note: As of writing, Ethereum is trading around $3,170, down over 1% in the last 24 hours./p>
