Ethereum (ETH) is demonstrating signs of potential growth following indecisive market action. It is observed that technical analysis patterns indicate potential growth in the future. The key areas around which the future growth may revolve would be the support and resistance points.
At press time, Ethereum (ETH) is trading at $3,290, with a 24-hour trading volume of $23.02 billion and a market capitalization of $397.30 billion. Despite a minor decline of 0.60% over the last 24 hours, investors are keeping a close eye on Ethereum, anticipating potential upward momentum in the coming weeks.
Ethereum Could Follow Russell Index Trend Soon
Crypto analyst CRYPTOWZRD has actually pointed out a historical pattern that has attracted much attention lately. According to the analyst, ETH has tended to follow the performance of the Russell index with a lag of 8-15 weeks during past cycles. This would mean that ETH is due to have a strong upward movement.
Ethereum Technicals Signal Possible Upside
In technical analysis, ETH finished the day with an indecisive close, following suit with Bitcoin. For ETH to start a bullish trend, it is imperative to remain above $3,280. “Over the weekend, I’ll be analyzing lower time frame charts to look for trade setups. Staying above $3,280 might be the start of the next bullish trend,” CRYPTOWZRD noted.
However, the charts for a week paint a slightly more optimistic picture. The ETH charts versus traditional markets closed with a bullish candle, which is a sign of a potential next move upwards. Also, ETH/BTC charts are poised to help Ethereum kick off its next impulsive move upwards. The next significant resistance point to keep an eye on is $3,700.
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Ethereum Intraday Near $3,280
Intraday trading has remained fairly choppy, with ETH ranging close to the $3,280 mark. Breaking below this could trigger the possibility of further downside, while trading above it could offer further upside momentum. It is advised to wait for an established market pattern to emerge before entering any further trading action.
Ethereum price movements, in conjunction with historical analysis, indicate the cryptocurrency could be preparing for its next major rally. While the market is watching the $3,280 support level and $3,700 resistance level, ETH is still an important cryptocurrency to be aware of for those watching the market for its next major movement.
Also Read | Ethereum (ETH) Poised for $4K+ Rally as Whale Activity and RWA Adoption Surge
