Like most cryptos in the market, Ethereum [ETH] also fell victim to price corrections over the last 24 hours. In fact, ETH's latest dip...
also fell victim to price corrections over the last 24 hours. In fact, ETH’s latest dip pushed the token towards a crucial support level on the charts.Ethereum’s losses over the last 24 hours were over 5%, with the altcoin trading just above $2.5k at press time. In the meantime, Ali, a popular crypto analyst, shared arevealing an important development. According to the same, ETH had previously successfully held on to its support at $2.4k.
Here, it is also interesting to note that ETH has been moving inside an upward channel pattern since 2021. The token has tested the pattern multiple times. If history repeats itself, then it won’t be a long shot to expect the king of altcoins to move towards $3k in the coming days.AMBCrypto then checked Ethereum’s on-chain data to find out whether the token can start moving towards $3k anytime soon.
The Pi Cycle Top indicator pointed out that ETH’s possible market top could be at $5.7k. Therefore, expecting ETH to hit $3k won’t be too ambitious for investors.also pointed out quite a few bullish metrics. For instance, ETH’s exchange reserve dropped. This meant that buying pressure on ETH was high, which often results in price upticks.
On the derivatives market front, everything seemed optimistic. ETH’s funding rate suggested that long position traders were dominant and were willing to pay short traders. On top of that, Ethereum’s taker buy/sell ratio turned green. This indicated that buying sentiment was dominant among derivatives investors.suggested that Ethereum’s fear and greed index was in a “fear” position. Whenever the metric hits this level, it indicates that the chances of a bullish trend reversal are high.
However, if the bearish trend persists, then investors might soon see ETH test its $2.4k support. An unsuccessful test could push the token further down to $2.3k in the following days.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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