- ETH has risen over 7% in the past 24 hours.
- Indicators and metrics appeared to be bullish for the token.
ethereum [ETH] The big price decline seemed to be over as the price of the king of altcoins rose over the past 24 hours.
In fact, according to AMBCrypto analysis, things could turn bullish for the king of altcoins, which could allow ETH to regain its lost value.
Ethereum is bankrupt
The cryptocurrency market witnessed a crash on April 12th, which significantly affected the price of ETH.
The downtrend pushed the price of the king of altcoins below $3,000, causing alarm and panic among investors.
However, in the past few hours, the daily charts of most cryptocurrencies turned green, indicating a change in market trends.
Sjuul, the founder of AltCryptoGems and a popular crypto analyst, recently Tweet It has become clear that if ETH manages to break above $3,050, a bull market could begin.
The good news is that ETH managed to rise above that level.according to coin market capETH has risen over 7% in the past 24 hours.
At the time of writing, it is trading at $3,257.33, giving it a market capitalization of over $391 billion.
To see if this is the beginning of a full-fledged recovery, AMBCrypto checked Ethereum’s on-chain indicators.
Analyzing CryptoQuant data It revealed that foreign exchange reserves are decreasing, indicating a decline in selling pressure.
Source: CryptoQuant
Upon further analysis, we found quite a few other bullish indicators. For example, the token’s active addresses increased by 12%. Meanwhile, the number of transactions also jumped by nearly 10% compared to yesterday.
Additionally, ETH’s funding rate was green. This meant that traders with long positions had the upper hand and were willing to pay traders with short positions.
What is the next possible target?
AMBCrypto then analyzed Ethereum’s daily chart to determine the likelihood of the token’s price rally continuing. ETH Relative Strength Index (RSI) recorded a sharp rise on April 15th.
The Money Flow Index (MFI) is following a similar trend, suggesting continued price increases. ETH price rebounded from the lower Bollinger Bands, further hinting that the bull market could continue.
Source: TradingView
read ethereum [ETH] price prediction 2024-25
A look at data from Hyblock Capital points out that ETH could reach significant levels this week if the bull market actually holds. The first target for ETH he could be $3.34,000. Because liquidation increases at that level.
If the breakout is successful beyond that, ETH could reach $3.6,000 or even $3.8,000 within a few days.
Source: Hyblock Capital
