After a long descending trend, the Ethereum (ETH) now gives bull signals, the most noticeable of which is the confirmation of the Golden Cross model, which often marks the beginning of a stable upward trend.
On the daily schedule, ETH forms the “Golden Cross” technical installation, where a 50-day sliding average crosses a 200-day sliding average higher. According to the cryptoanalyst Ted Pillow, this event can push a digital asset to $ 3000.
Analyst Ali Martinez, who also recently published an optimistic forecast for Ethereum, noted that the MVRV coefficient (market value for the value realized) Ethereum has changed from the bear to the bull, which now is underestimated.
In addition, the accumulation of cryptocrates increased sharply. Over the past month, large investors have acquired a total of more than 450,000 ETH. In addition, almost 1 million ETH has been withdrawn from the trading floors from the trading floors.
Martinez emphasized that while Ethereum is held above the critical support level of $ 2200, a jump of up to $ 3000, and even $ 4000 are realistic goals.
If the bull impulse is preserved, the purpose of the expansion of the Fibonacci, which should be monitored, include 2.618 at $ 2627, the expansion of 3.618 at $ 2964 and 4.236 at $ 3172. They coincide with psychologically important levels of $ 3000 and $ 3200.
Be in the know! Subscribe to Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
