The price of Ethereum (ETH) skyrocketed up above $3,100, which made people in the cryptocurrency world talk about the possibility of another major rise.
The second-largest cryptocurrency by market value has had a rough go of it, but it looks like it’s about to break out. It’s expected to rise in the coming weeks, say experts.After a rough patch where ETH fell to $2,800, investors were on edge.
But since the beginning of May, the price of ETH has been slowly going up. As of right now, CoinMarketCap data shows that things are going well. The market value of Ethereum is now $3,144.11 billion, which is more than $377 billion. In the past 24 hours, the price has gone up more than 1.5%.
Ethereum’s Bullish Chart Analysis
A well-known crypto expert named World of Charts pointed out an interesting falling wedge pattern on ETH’s chart. This made the market feel better. Researchers think the token could break out of this pattern and see its price go up by 45% to 50% since it has been stuck in this pattern since March.
Analysts are even more optimistic now that they have a better look at on-chain data. After going up a lot, the Network To Value (NVT) ratio for Ethereum went down a lot. This means the thing isn’t worth what people thought it was worth. A lot of things point to the price going up as well. Because of this, ETH’s MVRV ratio and Network Growth have both gone up in the last week. This means that there is more action.
Lookonchain did warn people, though, by pointing out that a “whale” sold a lot of ETH—7,000 of them—for more than $22 million today dollars. People lost faith in a market that was otherwise doing well because of this move, which could mean taking gains or having a bad attitude.
To figure out how likely it was that the price would break out, analysts looked at ETH’s daily chart, which had some strange trends. The Money Flow Index (MFI), on the other hand, stayed below the middle level of 50, which was bad for bears. At 49.7, the Relative Strength Index (RSI) started to move up.
