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You are here: Home / News / Ethereum’s Technical Analysis Suggests a 12% Rally Could Materialize
Ethereum

Ethereum’s Technical Analysis Suggests a 12% Rally Could Materialize

September 28, 2023 by Aditya

Ethereum has been trading below the $1,600 mark, and on the daily chart, its price recently formed lower lows. Simultaneously, its Relative Strength Index (RSI) has been forming higher lows, creating a bullish divergence. Traditionally, this scenario indicates a weakening of bearish momentum and a potential resurgence of bullish control in the market. Typically, such bullish divergences are followed by upward price movements.

On the weekly chart, Ethereum has remained within a larger ascending wedge pattern, which is technically bearish. However, given the recent shift in short-term sentiment, there is a higher likelihood of a rebound from the lower trendline rather than a breakdown below it. Consequently, this situation has the potential to trigger a 12% increase in the price of Ethereum.

Ethereum’s Uphill Battle: A Warning to Investors About the Obstacles Ahead

However, it’s important to note that Ethereum (ETH) may not experience an immediate surge in price. Instead, the upward movement is likely to be gradual due to the onset of profit-taking activities. Recent data on exchange net flows indicates an influx of Ethereum into exchanges in the last few days. Specifically, on September 26, 2023, this metric recorded a value of +54,246.33, suggesting an increased trend of people selling ETH by depositing it into exchanges at the moment.

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Ethereum's Technical Analysis Suggests a 12% Rally Could Materialize 3

Furthermore, data from IntoTheBlock has shown a roughly 13% increase in wallets with zero balances over the past week. This indicates that a significant number of users have completely emptied their wallets, which serves as another warning sign. Consequently, if the pressure from these two factors continues to build, there is a possibility that ETH could decline to $1,422 in the medium term. As of the current moment, Ethereum, valued at $191 billion, is being traded at $1,591.6

Filed Under: News, Altcoin News Tagged With: Crypto, Cryptocurrency, Ethereum (ETH)

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