Introduction
This article is going to focus only on ETH TA and on-chain data to explain when and how much ETH is going to move upwards. The live Ethereum price today is $2,078.86 USD with a 24-hour trading volume of $33,681,608,200 USD. Ethereum is up 7.48% in the last 24 hours.
Ethereum is breaking out of a accenting triangle, a consolidation pattern that appears usually during an uptrend. That slightly increases the cryptocurrency’s potential to log an extended bullish move, with upside targets as high as the length of the previous uptrend. That puts ETH/USD en route to $3,000 in a short-term scenario. ETH is relatively confusing currency to trade since it seems to not react to good news fast, if not at all.
Below we can see the 4hr chart for ETH from tradingview:
Note: The MAs seem to work as strong support lines.
The main question remains whether Ethereum could continue trading upward as its trades near $2,000, which is also notorious for triggering sell-offs. According to my and others humble opinion ETH needs first to confirm a daily and weekly close above $2,000 to flip the level into support. Should the pair manage that, it would face no resistance in extending its rally to as high as $2,500. After that ETH goes to price discovery mode. ETH has been severely suppressed so far, due to the miner conflict and other projects working on layer 2 solutions. For more info see Ethereum Coming Upgrades And Price.
Below we can see the daily chart for ETH from tradingview:
Note: The daily RSI and MACD show a strong uptrend for ETH.
Below we can see the 4hr chart for ETH from tradingview:
Note: The 4hr RSI and MACD also show a strong uptrend for ETH. Might be a good idea for Margin trading gals and dudes.
ETH Fundamentals
The latest rally in Ethereum markets closely followed Visa’s decision to conduct a stablecoin transaction on its legacy payment platform. The dollar-pegged token in concern was USDC, which functions atop the Ethereum blockchain. Meanwhile, on April 1, billionaire investor Mark Cuban admitted that he owns many Ethereum tokens, praising its smart contracts features that would back the now-booming decentralised finance and non-fungible tokens sector. Also we are reaching critical reserve points on ETH, in the exchanges.
Below we can see from Glassnode the 3m total ETH reserves:
Below we can see from Glassnode the 3m ETH reserves per exchange:
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