Ethereum Rises 5% Amid Bullish Trend, Aiming for $2,450
Ethereum on the Way to 2500 Dollars?
Ethereum (ETH) has gained more than 5% in the last 24 hours. Market indicators and metrics remain bullish for the token. The crypto market has recently taken a bullish turn, bringing gains to most cryptos, and Ethereum was no exception.
Ethereum Finally Turns Bullish
After weeks of downward movement, Ethereum investors were finally able to record gains as the token’s daily chart turned green. According to CoinMarketCap, Ethereum was up by more than 5% in the last 24 hours. At the time of writing, Ethereum was trading at a price of 2,318.33 dollars, with a market capitalization of over 278 billion dollars.
Analyses Suggest Limited Room for Maneuver
However, the latest analysis from CryptoQuant suggests that the probability of ETH moving within a small price range is high. CryptoOnChain, an analyst and author at CryptoQuant, mentioned in an analysis that the derivative market charts show a relatively high number of short transactions, which looks bearish.
ETH’s Bullish Metrics
AMBCrypto’s analysis of CryptoQuant’s data shows that the buying pressure on the token is high. This is evidenced by the fact that its net deposit on exchanges is low compared to the seven-day average. Another bullish signal is its active addresses, which have been increasing recently.
Ethereum’s Resistance Zones
If ETH manages to maintain its bull run, as the metrics mentioned above suggest, the coin could encounter resistance in some zones. The analysis of Ethereum’s liquidation levels shows that ETH, in order to maintain a bull run, must surpass the mark of 2,400 dollars in the near future, and then the mark of 2,450 dollars.
Outlook for Ethereum
The possibility of ETH surpassing these levels is given, as most market indicators are bullish. For example, its Money Flow Index (MFI) has been on an upward trend. Its Chaikin Money Flow (CMF) followed a similar trend, increasing the chances of a sustained upward trend.
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Sources: CoinMarketCap, CryptoQuant, AMBCrypto, TradingView.
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