Over the last 24 hours, the price of Ethereum increased by 5.6% and started trading around $3,070. This rise occurred during a period when Bitcoin sales continued in Germany. Similarly, Bitcoin rose 3.4% to above $57,000. These movements in the market have raised questions about whether the rise in Ethereum's price is a reversal or a potential bull trap. Ethereum's developments are followed closely, especially for the future of the altcoin market.
Notable scenarios for Ethereum's price:
Last week, the price of Ethereum dropped significantly and fell below the falling channel formation. However, ETH found strong support near $2,815 and maintained this level throughout the weekend. On Monday and Tuesday, ETH had a strong performance, retesting the 200-day simple moving average, which is currently acting as a resistance level. A break above the 200-day SMA could increase positive sentiment in the market. However, Ethereum is likely to enter a consolidation zone between $3,371 and $2,811 and face challenge from the 50-day SMA. For a sustained uptrend, ETH bulls may need to break through this consolidation zone and rally to $3,967. Conversely, if the bears prevail, Ethereum's price could decline below the $2,815 support level and potentially decline to $2,200. In this case, the temporary support level may be around $2,490.
Ethereum's price movements create uncertainty as to whether it is a potential reversal signal or a deceptive bull trap. Fundamental indicators should be watched closely to determine whether ETH can maintain its momentum relative to BTC in the coming days. In particular, market participants should note that the 200-day and 50-day SMAs are critical in evaluating Ethereum's future moves.
For now, movements in Bitcoin direct the cryptocurrency market. Bitcoin found support around $55,000 after falling to its recent low of $53,550. However, experts emphasize that there is a potential to drop to $ 50,000 and $ 46,000 if the selling pressure continues.
The recent rise in Ethereum's price is attributed to several factors, including VanEck's application for a spot Ethereum ETF. This filing indicates a high probability that ETF approval could come soon.
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