ETH is on the verge of one of the biggest updates in recent years. Most analysts predict a bright future for this project. In this article, we’ll look at 5 signals that ETH could fire up to $ 5,000.
ETH for 5,000 USD?
Will a massive increase in ETH begin soon? The price of the second strongest cryptocurrency is a bit at the crossroads. The historical maximum was reached after an impressive growth of 83% and stopped at the level 4 868 USD. This was followed by a 55% drop to a swing low of $ 2,652. However, this minimum has been broken. If there was a triple day, the price would have to slip by about 13% and then confirm the level of support at the price 2 652 USD. In such a case, the trend and the onset of bulls could occur. The goal could be to first level 50% retracement at $ 3,287 and then attack the new ATH at $ 5,000.
However, investors should be careful due to the 200-day moving average (SMA), which is at the level of $ 3,492. And here the RSI indicator can be pressed to the level of 38.16. This condition last occurred in June and July 2021which eventually foreshadowed an increase of up to 185%.
Exchange net position also looks optimistic. According to this indicator, there has been a move up to 94 000 ETH, which may indicate a reduction in sales pressure. Such a massive outflow has been recorded six times.
Another bull signal can be number of active addresse…has reached a new all-time high 60 330. So there seems to be a relatively large number of new investors who trust Ethereum.
ETH offer on exchanges is certainly a long-term bullish signal. It has been in a significant declining trend since July 2020. This dropped from 29.69 million to 14.96 million ETH. So it’s an outflow ETH 11.73 million in less than two years. So investors are not willing to sell.
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