🌐 Is an Ethereum Bull Market Coming Soon? 🌐
As the second largest cryptocurrency by market capitalization, Ethereum (ETH) has shown a rather bullish trend recently 📈, with on-chain indicators also presenting positive signs, seemingly brewing a strong upward movement.
📉 Significant Decline in Ethereum Exchange Reserves
Data shows that ETH exchange reserves have dropped from $42 billion to $38.5 billion, a decrease of about $3.5 billion. This change may indicate that a large number of holders are accumulating or hoarding ETH, and this phenomenon is occurring near ETH's strong support level.
📊 Technical Analysis and Future Trends
From a technical analysis perspective, ETH is within an upward channel, continually creating new highs and lows. A new low has formed at the lower edge of the channel, with strong upward momentum gradually emerging! If the current trend continues, ETH is expected to rise by 12% in the coming days, reaching a resistance level of $2800. This key price level is not only a resistance point but also aligns with the 200-day Exponential Moving Average (EMA) and the upper limit of the upward channel.
⚠️ Key Support: ETH needs to stay above $2400 to maintain bullish expectations; otherwise, the upward trend may weaken.
🤝 If you want to seize the opportunity in this bull market but are still in the beginner stage, feel free to communicate.