Altcoins News
By Steven Anderson
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Ethereum [ETH] is showing signs of recovery after weeks of bearish pressure, posting a strong 8.27% daily gain that reversed nearly 21% of its recent losses.
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Over the past two weeks, Ethereum has underperformed Bitcoin [BTC], with ETH declining 26% from its mid-June peak of $2,878. In contrast, BTC saw a smaller 10.
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Now that ETH is once again approaching the $2,500 level, a familiar and densely populated cost basis zone, traders are watching closely.
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A critical test is now unfolding. If ETH can push through this supply zone with convincing volume and momentum, it could trigger a wave of bullish sentiment and open the door for…
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Adding to the mixed signals is BlackRock’s recent decision to offload $18.4 million worth of Ethereum.
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Meanwhile, derivatives markets are flashing bullish signals. Ethereum open interest has risen by 9.3%, and Binance perpetual futures show a 61% long bias.
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Ultimately, Ethereum’s performance over the coming days will be crucial. The $2,400 to $2,600 zone will likely serve as a litmus test for market sentiment.
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As always, traders should remain cautious and consider both technical and macroeconomic factors when evaluating Ethereum’s next move.
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