ETH Price Analysis: Return Rally Gains Traction To Propel

By Tomiwabold Olajide8 days ago


Ethereum (ETH) gains traction to enable the next push beyond the prior high zones of last week amid the change in momentum in support of the bulls. Earlier ETH/USD failed to maintain its early gains and turned lower at the end of the week.

*ETH rebounds from the near term support level at $1,980

*Return rally gains traction to propel beyond the $2,200 level.

*Ethereum Address activity at 35 months high

ETH’s strong bounce from significant support at $1,980 that returned near the upper pivot at $2,100 zone, has sidelined growing downside risk. A tailed daily candle was formed today and it underpins fresh recovery which requires a firm break above the $2,100 resistance zone to generate a fresh bullish signal for an extension. As traders take profit on their bearish positions a return rally gains traction to propel beyond the $2,200 level. At the time of this post, ETH/USD is exchanging at $2,070 and dropped 5% over the past week from the record high set. The market cap stands at $240.9 billion, with $29.7 billion traded in the past 24 hours.

Rising Ethereum Address Activity Precedes All-Time Highs

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