Ethereum has crossed the $2,700 mark for the first time since September 27 and is showing clear signs of maintaining its uptrend. About ten days ago, $ETH
fell below $2,400, prompting speculation that the cryptocurrency might struggle to rise again.

However, over the past seven days, #ETH🔥🔥🔥🔥 has overcome key resistance levels. In this online analysis, BeInCrypto shows how this uptrend could lead to even more price gains.

Ethereum is seeing a decrease in selling pressure

One indicator that supports this forecast is the Ethereum #exchange Netflow figure, which shows the number of coins entering and leaving #exchanges . According to CryptoQuant, market participants have withdrawn 29,378 ETH from exchanges as of this writing.

From a spot trading perspective, high values usually signal increased pressure from sellers. However, given that around $80 million was withdrawn, this suggests that ETH may not face significant selling pressure in the near term.

As for derivatives, the decline indicates low volatility, which means that traders with open positions are less likely to face liquidation. Taken together, these current conditions could be favorable for the Ethereum price.

Another indicator that supports a bullish outlook is the number of addresses that hold $1 million or more worth of ETH. When this indicator is rising, it means that HODL investors are accumulating more coins, which reflects bullish behavior. Conversely, a declining figure indicates that long-term holders are withdrawing funds, which usually indicates bearish sentiment

According to Glassnode, the number of addresses holding ETH worth $1 million or more has increased, suggesting that Ethereum's price may avoid another drop.

Crypto analyst and founder of MN Consultancy Michael van de Poppe has a similar opinion. However, in his post, van de Poppe noted that ETH needs to grow above $2,770 for it to have a chance to surpass the $3,000 mark.

"Etherium may finally turn around. A break of key resistance at $2,770 would be a great result. If that happens, the next target will be $3,200,” the analyst emphasized.

ETH price forecast: the bulls should defend the support at $ 2,689

If you look at the daily chart, you can see that the Ethereum price has come out of a symmetrical triangle. For reference, a #SymmetricalTriangle is a pattern on a chart formed by two converging trendlines that connect a series of consecutive highs and lows.

Usually, when the price of an asset breaks the lower boundary of the triangle, it continues to decline. In the case of ETH, it's the opposite: it suggests that the price may continue to rise. But for this, the bulls need to hold the support at the level of 2.689 dollars

In addition, there needs to be more buying pressure so that the price can rise above the resistance at $2,989. If that happens, the price of ETH could rise to $3,316.

However, this thesis may fail if ETH falls below the aforementioned support line. In this case, the price could fall to $2,471.
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When the recovery momentum near the $0.000017 level was lost, the current shiba-inu price pattern was invalidated. It appears that the #SymmetricalTriangle that once suggested a breakout is now weaker. The bullish momentum needed to move the asset past this important resistance level has not been capitalized by it.

Although $SHIB
struggled to hold its position, the narrowing range of the symmetrical triangle suggested a potential spike in volatility. The token's inability to sustain the rally was partly due to the lack of strong buying pressure.

Nevertheless, there is a bright spot in the technical picture. The stock may have another opportunity to strengthen, even though the breakout momentum has not materialized, as the price is still above the upper line of the symmetrical triangle. The asset may attempt a more significant upside move if SHIB can muster enough volume and overcome the $0.000017 resistance level. If not, #SHIB، could go through a larger #consolidation or possibly back to lower support at $0.000015.

The likelihood of a short-term recovery could be further reduced if the bulls fail to drive the price higher and the token comes under increased selling pressure. #traders should now keep an eye on whether SHIB can regain momentum, with key resistance levels around $0.000017 serving as important indicators to keep an eye on. In the absence of consistent support from buyers, the path to recovery may become more difficult.
#moonbix