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You are here: Home / News / Ethereum Rides The Bull As Market Shows Signs Of Recovery
Ethereum Rides The Bull As Market Shows Signs Of Recovery

Ethereum Rides The Bull As Market Shows Signs Of Recovery

July 5, 2021 by Akash Anand

Ethereum’s rise and fall on the charts were also mimicked by other top honchos of the crypto world at July open. Although ETH’s price action evidently sided with the bear, long-term performances continued to blink green. It was also the biggest gainer in the top 10 club over the previous 7 days.

Ethereum’s market was majorly captured by Binance which controlled $1.345 billion of running circulation. Huobi, which came in second, only controlled $613 million of all Ethereum available. Ethereum also made news recently when its active addresses surpassed that of Bitcoin. On-chain analysis organization Santiment had tweeted:

“On a day that saw history be made with #Ethereum surpassing #Bitcoin in daily active addresses for the first time, #altcoins came to play. $KSM, $COMP, and $ZIL were among many projects to make an imprint on the markets, while $BTC ranged around $34.5k.”

Ethereum 1 hour:
eth 1 hr 2
Ethereum Rides The Bull As Market Shows Signs Of Recovery 4

The PSAR’s hold above the price candles was enough to show the bear’s impact on the ETH market. If the pressure mounts, then the price can fall further. At the same time, the Relative Strength Index sharply fell towards the zero line after bouncing from it. The dip was a sign that the capital leaving the market had surpassed the influx.

Even Ethereum’s RSI showed no reprieve as the graph headed towards the oversold zone. Once more users buy into the market, one can see the graph climb into the overbought zone again.

Ethereum 1 day:
eth 1 d
Ethereum Rides The Bull As Market Shows Signs Of Recovery 5

The long-term chart was much more bullish than the hourly timeframe. The PSAR and the CMF were bullish with sharp inclines. The PSAR’s settlement below the candles was enough to boost user trust.

On its own, the CMF had climbed above the zero line with a sharp incline. The newly invigorated market was seen as the ideal candidate to lay the building blocks for Ethereum’s future. The RSI settled on the line as the selling pressure and buying pressure equalized on Monday.

Filed Under: News, Altcoin News, Market Analysis Tagged With: Analysis, ETH

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