The Pi Cycle Top indicator has pegged Ethereum’s potential market bottom at $3,000. While a number of indicators paint a positive picture for ETH, some market signals have offered a more cautious outlook.
After significant price declines in recent weeks, Ethereum [ETH] has shown a recovery trend in the past 24 hours, raising hopes for a possible bull rally. According to CoinMarketCap data, the price of Ethereum fell by over 8% in the past week. However, this trend has reversed in the past 24 hours, with the price of ETH increasing by 1.7%. Currently, Ethereum is trading at $2,650 with a market cap of over $318 billion. This price action has increased speculation that a recovery to $2,850 could be the start of a new bull rally.
COINOTAG analysis based on Glassnode data revealed that Ethereum’s Pi Cycle Top indicator is trading below the potential market bottom of $3,000, suggesting that a rally to $2,850 could spark bullish momentum. Furthermore, Ethereum’s market top is estimated above $5,300.
Additional data from CryptoQuant provided several positive market signals. The decline in ETH’s exchange reserves indicates strong buying pressure, while the green Coinbase premium represents a strong buying trend among US investors. The increase in transfer volume over the past 24 hours also supported the bullish view. In the derivatives market, the taker call/ask ratio indicates a higher call rate, while the rising funding rate reinforces this.
Technical analysis has revealed a potential bullish scenario. The Moving Average Convergence Divergence (MACD) has signaled a bullish crossover, suggesting that the positive price action may continue. However, other technical indicators have presented a mixed picture. For example, the Relative Strength Index (RSI) has been moving sideways, providing no directional indication. Also, the Chaikin Money Flow (CMF) has remained calm at -0.11, suggesting low investor activity in the short term.
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I EXPLAIN IN DETAILED.
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