- Ether price up, breakout possible
- Technical indicators signal potential rise
- SEC rulings on ETFs create market uncertainty
Ethereum’s price surged by 5.59% last week, reaching $3,089.25. However, it has experienced a modest decline of 0.56% in the past 24 hours. With a trading volume of $10.95 billion and a market capitalization of $371.1 billion, Ethereum’s market activity is attracting considerable attention.
Technical analysis reveals that the Relative Strength Index (RSI) for Ethereum on the weekly chart sits at 55.47. This value indicates a market that is neither oversold nor overbought. Traders are therefore anticipating potential price movements in either direction. This balanced RSI suggests that the market could soon experience increased volatility.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator on the weekly chart stands at 233.9, suggesting a possible bullish trend reversal. Traders often seek confirmation from other indicators before making investment decisions. Consequently, this MACD signal adds to the anticipation of a potential upward price movement.
Source: TradingView
The Know Sure Thing (KST) indicator…
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