According to CryptoPotato, Ethereum's price, which has been dropping since the start of March, could be on the verge of a rebound. The daily chart shows that the price has been consistently making lower highs and lows within a descending channel pattern. However, the proximity of the 200-day moving average and the $2,750 support level suggests a potential market rebound. The price is currently nearing the $3,000 resistance level, and a bullish breakout above this level could lead to a rise towards the higher boundary of the channel and the $3,600 resistance zone.
On the 4-hour chart, the price has been fluctuating around the $3,000 level in recent weeks. The market has broken a bearish trendline to the upside. If the price remains above the trendline and breaks through the $3,000 level, a rally towards the higher boundary of the channel becomes more probable. With the RSI nearing 50%, the market momentum appears to be balanced, but the short-term outcome could be determined as early as today.
The perpetual futures market, a key driver of crypto prices in recent years, can provide valuable insights for predicting future price movements. The 30-day moving average of the Taker Buy Sell Ratio, which measures whether buyers or sellers are executing more market orders on aggregate, has been trending below 1 over the last few months. This indicates that most futures traders have been aggressively selling BTC, either for speculation or hedging spot portfolios. However, the metric is currently showing signs of recovery, and its rise could trigger a market rally as the aggressive supply would decrease. Therefore, if there is sufficient demand from the spot market, a new uptrend could begin soon.
