Ethereum’s price saw a significant increase of over 7% in the last 24 hours, signaling a potential end to its recent decline. This positive movement in the price of the king of altcoins has generated optimistic metrics and indicators for the token’s future. Analysts are now speculating that ETH may recapture its lost value and initiate a bullish trend in the market.
Following a recent market crash that pushed Ethereum’s price below $3,000, there was a sense of panic among investors. However, a shift in the market trend in the last few hours has brought about a more positive outlook, with most cryptocurrencies showing gains on their daily charts. Notably, ETH managed to surpass the $3,050 mark, with a current trading price of $3,257.33 and a market capitalization exceeding $391 billion. This upward movement has sparked discussions about the potential for a bull run in the near future.
Analyzing Ethereum’s on-chain metrics reveals a drop in selling pressure as the exchange reserve decreases. Additionally, bullish indicators such as a 12% increase in active addresses and a 10% surge in transaction count further support the notion of a recovery. With the Relative Strength Index (RSI) and Money Flow Index (MFI) pointing towards continued price increases, ETH’s price rebound from the lower Bollinger Bands limit suggests that a sustained bull rally may be on the horizon. Predictions indicate that ETH could potentially reach targets of $3.34k, $3.6k, or even $3.8k if the current bullish momentum persists.
