- Ethereum’s TVL surged to $59.697 billion, surpassing Bitcoin.
- Ethereum’s price rose 25% to $3,974, nearing resistance at $3,780.
- Bullish indicators persist with a 50-day EMA support, but the MACD suggests caution.
In the face of recent downward momentum, Ethereum (ETH) continues to hold above its 50-day and 200-day moving averages, indicating a sustained uptrend.
Last month, Ethereum experienced a notable 11.04% decline, yet it saw a remarkable increase in trading volume. However, its market capitalization fell by 5.27% within the past 24 hours. Meanwhile, the Ethereum blockchain has shown a notable increase in its total value locked (TVL). Over the past few days, it has risen to an impressive $59.697 billion, surpassing Bitcoin. This rise is a clear indication of growing investor confidence in Ethereum’s potential and future performance.
From a technical perspective, Ethereum recently paused its upward movement after reaching a high of $3,974. This consolidation followed a 25% price increase triggered by a breakout from a descending triangle pattern on the daily chart. Despite a minor pullback, Ethereum is approaching a significant resistance level at $3,780.
Should Ethereum break through and stay above this resistance level, it may indicate the persistence of a bullish trend, potentially resulting in additional gains. Daily chart technical indicators show a favorable outlook, with the 50-day EMA offering support, signaling continued bullish momentum.
Moreover, the golden crossover between the 50-day and 200-day EMAs suggests a long-term optimistic trend. However, the MACD’s bearish crossover advises caution. The RSI, having fallen below the 50 level and the 14-day SMA, indicates a temporary weakening in momentum. Critical support levels for Ethereum are at $2,800 and $3,100, while resistance levels to watch are at $3,600 and $3,980.
Read also:
The post Ethereum Defies Downward Trend: Holding Strong Above Key Moving Averages appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed