3 Reasons Ethereum’s (ETH) Bull Run Isn’t Over Yet
The post 3 Reasons Ethereum’s (ETH) Bull Run Isn’t Over Yet appeared on BitcoinEthereumNews.com. TL;DR Despite bleeding out lately, Ethereum continues to show bullish signals. Some analysts see recovery hinging on ETH reclaiming $4,200, while others lean bearish, eyeing a slide to $3,500 unless support holds. Are the Bulls Coming Back? Ethereum, which was at the forefront of gains this summer, briefly plunged below $4,000 earlier today (September 25) amid an ongoing red wave passing through the entire crypto market. It later surpassed the psychological level but remains 12% down on a weekly scale. Despite the negative performance, three crucial factors signal that a resurgence could be on the way. The first one is the diminishing supply of ETH tokens stored on crypto exchanges. CryptoQuant’s data shows that today the figure has dropped to a nine-year low of around 16.3 million coins. This development indicates that many investors have switched from centralized platforms to self-custody solutions, which in turn reduces immediate selling pressure. Next in line is Ethereum’s Relative Strength Index (RSI). The technical analysis tool examines the asset’s recent price movements to indicate whether it has entered oversold or overbought territory. It ranges from 0 to 100, and readings below 30 suggest that the first scenario could be in play, which can result in a rally. As of press time, the RSI stands at roughly 22. ETH RSI, Source: CryptoWaves Last but not least, we will touch upon the latest whale activity that may also positively impact ETH’s valuation. X user ZYN revealed that ten new wallets have purchased over 200,000 tokens worth more than $800 million in the last 24 hours. Such actions reduce the amount of coins available on the open market and could be followed by a price pump (should demand remain constant or rise). Additionally, smaller players may view this as an encouraging sign and join the ecosystem by…
The post 3 Reasons Ethereum’s (ETH) Bull Run Isn’t Over Yet appeared on BitcoinEthereumNews.com.
TL;DR Despite bleeding out lately, Ethereum continues to show bullish signals. Some analysts see recovery hinging on ETH reclaiming $4,200, while others lean bearish, eyeing a slide to $3,500 unless support holds. Are the Bulls Coming Back? Ethereum, which was at the forefront of gains this summer, briefly plunged below $4,000 earlier today (September 25) amid an ongoing red wave passing through the entire crypto market. It later surpassed the psychological level but remains 12% down on a weekly scale. Despite the negative performance, three crucial factors signal that a resurgence could be on the way. The first one is the diminishing supply of ETH tokens stored on crypto exchanges. CryptoQuant’s data shows that today the figure has dropped to a nine-year low of around 16.3 million coins. This development indicates that many investors have switched from centralized platforms to self-custody solutions, which in turn reduces immediate selling pressure. Next in line is Ethereum’s Relative Strength Index (RSI). The technical analysis tool examines the asset’s recent price movements to indicate whether it has entered oversold or overbought territory. It ranges from 0 to 100, and readings below 30 suggest that the first scenario could be in play, which can result in a rally. As of press time, the RSI stands at roughly 22. ETH RSI, Source: CryptoWaves Last but not least, we will touch upon the latest whale activity that may also positively impact ETH’s valuation. X user ZYN revealed that ten new wallets have purchased over 200,000 tokens worth more than $800 million in the last 24 hours. Such actions reduce the amount of coins available on the open market and could be followed by a price pump (should demand remain constant or rise). Additionally, smaller players may view this as an encouraging sign and join the ecosystem by…
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