Ethereum (ETH) appears to have regained bullish sentiment due to the positive performance shown in the charts for ETH/BTC and the fall in the value of the Bitcoin Dominance Index. It is observed that organized and properly planned action has led to the current rise.
At the time of writing, ETH is trading at $3,261 with a 24-hour volume of $31.18 billion and a market capitalization of $395.33 billion. Over the last 24 hours, ETH has gained 1.07%, reflecting steady strength after recent market fluctuations.
Ethereum Trading Setup Signals Upside
Crypto analyst CryptoPulse pointed out a good trading setup that was carried out, and they explained that the move on the part of ETH was through a strategy that involved the purchase of the altcoin at a price of around $2,900 with a target of around $3,250.
Ethereum Shows Strong Bullish Trend
Meanwhile, another analyst, CRYUPTOWZRD, observed that the bullish momentum of Ethereum is assisted by the weakness of Bitcoin Dominance. “ETH closed bullish as ETH/BTC moved higher due to BTC.D weakness. If ETH/BTC maintains its bullish momentum, expect further gains for ETH,” he said.
The Ethereum and ETH/BTC daily charts both closed in a bullish manner, pointing towards more chances for ETH in the coming days. Analysts point out that if the momentum is sustained, ETH may target a resistance level of $3,700, while the major support level is set at $2,800.
Also Read | Ethereum Tests $3,120 as Bulls Eye Higher Resistance at $3,700
Ethereum Intraday Action Signals Potential Upside
The intraday session included high levels of volatility for ETH, yet it still managed to hold above the $3,230 level. If this level reverses from a resistance point to a support point, it may move above the $3,550 level. The Bitcoin market trend will be a key influencer of the ETH trend.
Even with strong daily closes, ETH is on many investors’ radars due to the strength seen in ETH/BTC. Market participants are paying close attention to intraday action, which could see another opportunity arise for traders within the $3,500-$3,700 region.
Also Read | Ethereum Enters New Scaling Era With PeerDAS and ZK-EVM Integration
