Ethereum is the largest cryptocurrency still working towards addressing the market trends of low energy consumption and high transaction enabling blockchain. Shifting towards Proof of Stake could make ETH a truly revolutionary blockchain putting it out of reach from the likes. Experts project Ethereum to rival the market sentiment of Bitcoin in the coming days. With a strong focus on its price action, the coin is now moving towards its resistance to emerge victorious.
Ethereum has a liquidity supply-based market capitalization of $179,812,196,662, a bare percentage of its peak capitalization of $600 billion in November 2021. ETH should emerge bullish in 2022, but buyers should not trap themselves in the hopes of booking profits above its all-time high. With a limited supply volume and its dominance in the smart contract, decentralized finance, and dApps, ETH is all set to make it big in the coming years.
The price of Ethereum is trading above the 50 EMA curve, indicating a strong buying sentiment with back-to-back green candles. Seems like ETH hit the buyer’s target zone of under $1000 as the momentum seems stronger than the previous ETH price action witnessed in 2022 so far. Find more information about the crypto before investing in it.
Ethereum blockchain has its prominence, but the breaking out of its indicators’ negative stance is mind-boggling. Within just a week of positive trade, ETH has jumped from RSI of 20 to 64. The volumetric transactions have also spiked recently, indicating buyers have started huddling ETH tokens for a rewarding gain in the coming months.
Reaching close to $1000 was a low point, but it also allowed enthusiasts to enter Ethereum’s price charts. With newfound buyers, ETH has now unlocked the capability to surpass immediate resistance and would target the May 2022 breakdown pivot of $2350 after crossing the 100 EMA curve, which is still dipping towards a negative stance.
Long-term price charts of ETH are full of volatility, with $1000 emerging as the base level. Ethereum respecting this level even in a moment of downfall projects a strong emphasis on the future potential of this token to surpass minor hiccups.
The MACD indicator may create the scenario for a bullish crossover if the price continues to rise and help ETH retrace above its pivot of $2400. RSI indicator has also shown immense strength as the momentum now tilts above the negative zone in collaboration with the latest market sentiment.