Ethereum (ETH) Technical Analysis and Market Status
Ethereum continues its upward momentum after successfully breaking above the bullish wedge pattern a few days ago. This technical break signals a potential increase in the price of ETH.
Falling Wedge Pattern and Price Action
Popular cryptocurrency analyst World Of Charts emphasized that ETH has broken out of the falling wedge pattern. ETH, which has been consolidated in the formation since March, has a 45% increase potential with this break. However, less volatility was observed in the last few hours, which paused ETH's rise to some extent.
Current Price and Market Value
According to CoinMarketCap, the price of ETH has increased marginally in the last 24 hours. At the time of writing, ETH is trading at $3,131.77 with a market cap of over $376 billion. CryptoQuant's data revealed that net deposits of ETH on exchanges are low, indicating that the selling pressure on ETH is low.
On-Chain Data and Technical Indicators
According to Glassnode data, ETH's NVT ratio has increased sharply in the last few days. The NVT ratio is calculated by dividing the market capitalization by the transferred on-chain volume measured in USD. An increase in this metric could mean that ETH is overvalued, indicating a possible price correction. On the other hand, ETH's transfer volume and active addresses remained high, which can be interpreted as positive signals for investors.
Ethereum's fear and greed index has a value of 83%, indicating that the market is in the "extreme fear" phase. These levels can often indicate price declines. While the MACD showed a bullish trend, the RSI registered a rise from the neutral level and the MFI followed a similar trend. These indicators may indicate that a major price correction is unlikely.
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