First of all, many people have a biased understanding of the ethereum market.
I bought ETH near 2436.
The chart is a friend from an internal group, who traded together with me. Interested in such profits!
Some people are afraid to buy the dip when it falls, sell off as soon as it rises a bit, and then regret not being able to get in on the gains. After selling, they want to chase higher prices, this is truly the mindset of being taken advantage of! Retailer mentality!
Bitcoin hits a new high of $76,000, the most anticipated event since Trump won the US presidential election.
After a sharp drop from the yearly high of nearly $4000, the ethereum price has been fluctuating within a range. With the cycle of bullish sentiment, the ETH price broke out of the parallel channel after 3 months of consolidation. Therefore, the price is ready for another bullish move, and the increasing buying pressure may trigger a strong bull market, setting a new ATH.
The weekly chart of the ETH price is extremely bullish, as the token seems to be ready to set the 'D' wave after completing the 'AB-C' wave. With selling pressure staying low since September, it is about to experience a bullish crossover every week. MACD On the other hand, the price is trading between the 50-day and 200-day weekly moving averages, acting as strong resistance levels.ResistanceCareful observation shows that the token has not experienced a death cross on a weekly basis recently, indicating that even in bearish market conditions, the bulls remain strong.
What is the next step for the ETH price to rise - will it reach $4000 in 2024?
Nevertheless, several indicators do not support the bullish argument, so caution will be needed for every future price movement of ETH. Over the past few days, exchange reserves have continued to rise and have now reached a level of over 19.2 million. This indicates an increasing bearish sentiment among market participants, leading to increased selling pressure. At the same time, transfer volume, active addresses, and total number of trades have also decreased, further fueling the bearish narrative.