“Fuelled by DeFi and institutional interest, Ethereum’s astounding 20% surge sets the stage for a potential new yearly high, showcasing its resilience and promising future in the ever-evolving crypto landscape.”
Since October 19, the price of Ethereum (ETH) has been on a significant rise, reaching a peak of $1,854 today. This surge in price comes after the climb confirmed a long-term ascending support trendline and reached a descending resistance trendline.
The question now arises: can Ethereum become even more popular? The current upward movement of ETH has been determined by the support trendline, indicating a positive trend. Additionally, the Relative Strength Index (RSI) for the week is positive, further supporting the bullish sentiment.
On-chain data also indicates a favorable outlook for Ethereum. The movements of whales, particularly their recent withdrawals from centralized exchanges, suggest a potential supply shock that can drive up prices due to limited liquidity.
However, there are still potential risks to consider. One such risk is the possibility of former Frog Nation CFO 0xSifu facing liquidation if the ETH price exceeds $1926. His account currently holds over $21 million in ETH short positions on Synthetix perpetual contracts.
Looking ahead, the daily period technical analysis offers a positive prediction for Ethereum’s price. A long-term bullish divergence in the daily RSI preceded the recent climb, indicating a potential bullish trend reversal.
Overall, Ethereum’s recent price surge and positive indicators suggest that it has the potential to become even more popular in the future. Traders and investors will be closely monitoring its price movements and market conditions to make informed decisions.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. Cryptocurrency investments are highly volatile and carry risks. Always do thorough research and consult with a professional financial advisor before making any investment decisions.
