Bulls have supported the coin's uptrend with several markers found on the daily chart.
The major altcoin #MemeWatch2024 [ETH] is ready to break the upper line of the downtrend channel, indicating that the selling pressure is easing.
According to CoinMarketCap, the coin's value has risen nearly 10% to ¥3,100 over the past week. This rise reflects the rise of the entire #cryptocurrency market over the past 7 days.
According to CoinGecko, the market capitalization of the global cryptocurrency market grew by 9% during this period.
Will #MemeWatch2024 hold up?
A downtrend channel is formed when the price of an asset continues to lower its highs and lows, indicating a broader downtrend.
ETH started moving within this channel on 3/12 and since then, its price has fallen by 20%.
The market has witnessed a surge of new liquidity as the coin headed towards the upper line of the channel, which has formed a resistance level since May 3.
This is supported by Chaikin data on Ethos' cash flow, which recently crossed zero and was trending upwards at the time of publication. This indicator measures the inflow of money into and outflow from the coin market.
When an asset's CMF rises in this way, it indicates that there is more buying pressure than selling pressure in the market. This is because often the price of an asset reaches new highs due to a surge in trading volume.
According to Santiment data, ETH trading volume has increased by 40% in 1 day over the past 7 days.
ETH's positive directional index (green), which indicates an increase in bullishness, crossed the negative directional index (red) on 17.05.
Such performance of the Asset Directional Index (DMI) indicates bullishness in the market.
In addition, the Elderray Coin Index value was positive at the time of publication.
This indicator measures the balance of power between buyers and sellers in the market.
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