- Ethereum’s price rises 6.39% in 24 hours, with a 20.6% increase over the past week, reflecting strong bullish momentum.
- Analyst Jip Molenaar sees a 92% chance Ethereum’s monthly low will hold, supporting further price growth.
- Positive technical indicators, including a high RSI and MACD, suggest Ethereum is set for continued upward movement.
Ethereum (ETH) is trading at $3,168, marking a 6.39% increase over the past day. The trading volume for the same period stands at $37.87 billion, reflecting a 12.39% uptick. Over the last week, the ETH coin price has increased by 20.6%.
Source: CoinMarketCap
Analyst Jip Molenaar revealed that Ethereum will continue to rise. He pointed out important data that supports the idea that the Ethereum price is likely to remain robust until July. On the monthly low, Molenaar noted a 92% likelihood of holding throughout the month. He continued that this possibility rises to nearly 99% as per the current distance to the low.
Source: X
Also Read: Ethereum Nears $3,000, Is a Massive Crash Coming?
Strong Upward Momentum
Examining the monthly price action of Ethereum, analysts believe that the potential for a new high price pivot is high. He stated that 64% of previous comparable market conditions in a given period have led to the emergence of new pivots in the month. The price action of Ethereum is most likely to behave in this direction under the circumstances existing in the market and continuing the bull trend.
The weekly data has even more bullish signals. Molenaar observed that just 14.4% of the weeks in such conditions have recorded Ethereum falling below the weekly bottom, making it have an 86% probability that the weekly low would not be violated. Moreover, 85.5% of the weeks have recorded greater price movements than the week under consideration, indicating a higher likelihood of new upward pivots.
Source: X
The data is based on historical Ethereum data from the past five years, and this gives Molenaar confidence in his analysis. He is also confident in ETH and has no intentions of taking profits in the near term. Rather, he is looking at intraday trading opportunities, fueled by the favoured weekly data.
Source: X
The bullish momentum remains intact as the technical indicators are strong. ETH is not trading close to its monthly and weekly lows. Therefore, a price reversal remains unlikely. This enhances positive prospects of further growth in the next couple of weeks.
Ethereum Bullish Market Outlook
The Relative Strength Index (RSI) of ETH is currently at 77.35, indicating that the asset is overbought, suggesting bullish pressure. The Moving Average Convergence Divergence (MACD) shows a positive factor, and the MACD line is 160.27, which is far greater than 103.80 on the signal line. This is a sign of a bullish market in ETH, and possibly further rallies.
Source: TradingView
The recent performance of ETH has caught the interest of traders as well as investors. The cryptocurrency is considered among the most prominent assets in the sphere of digital currencies, and the spiralling upward trend indicates the increasing market confidence. ETH is likely to remain a centre of attention for people who are eager to take advantage of its rallies as it maintains a bullish course.
Also Read: Ethereum Breaks Out While Market Stalls: Next Stop $3,500–$4,000?
