Ethereum

Bull Flag

<ul class="list-ic vertical">
 <li><span>1</span> <a>Ethereum (ETH) price trades inside a falling wedge pattern and displays lower low swings.</a></li>
 <li><span>2</span> <a>Despite the market correction, Ethereum (ETH) is still a safe bet for entering the dips.</a></li>
</ul>
<p>The second-largest cryptocurrency, <strong>ETH, </strong>has slipped below the round mark of <strong>$3000</strong> and is eyeing to retest its 200-day EMA mark. Nonetheless, the ETH coin trades near the bounce region and will flip the gains anytime.&nbsp;</p>
<p>Since the beginning of 2024,<strong> </strong>the <strong>ETH price </strong>has<strong> </strong>sharply shot up and reached the top around $4000. Afterward, a healthy retracement was noted, and the price was corrected over 26% and is ready for a significant bounce.</p>
<p>Notably, prominent crypto analyst<strong> @JavonTM1</strong> highlighted the Ethereum upcoming bull run anticipations and replicated their view in their recent tweet on the X platform.</p>
<p>In this tweet, he suggested that the <strong>Ethereum coin</strong> displayed a kind of bull flag-like structure and was ready to gain momentum. Additionally, the RSI curve replicates a hidden bullish divergence, an early indication of a reversal.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Bullish Metrics in <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> (Ethereum) <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f511.png" alt="🔑" class="wp-smiley" style="height: 1em; max-height: 1em;">:<br><br>• Bull Flag-Like Price Structure<br>• Higher Lows in Price Action<br>• Lower Lows in RSI = Hidden Bullish Divergence with Price<br>• Larger Price Breakout Indicating &gt;63% Upside to $4,811<br><br>This Bull Flag breakout may lead into new All Time Highs… <a href="https://t.co/f9yN0yTgN3" rel="noopener noreferrer nofollow">pic.twitter.com/f9yN0yTgN3</a></p>— JAVON <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;">MARKS (@JavonTM1) <a href="https://twitter.com/JavonTM1/status/1790467452989473244?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 14, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: Twitter</p>
<h2 class="wp-block-heading" id="strong-ethereum-eth-poised-for-rebound-will-short-covering-triggers-strong"><strong>Ethereum (ETH) Poised for Rebound: Will Short Covering Triggers?</strong></h2>
<p>Per the price action, the<a href="https://www.thecoinrepublic.com/2024/05/10/solana-can-it-be-the-true-ethereum-killer-surpassing-eth/" target="_blank" rel="noopener noreferrer nofollow"> <strong>Ethereum</strong></a><strong> </strong>traded in the channel and remained flat on the intraday charts. If the trendline hurdle of $3000 is breached, the top altcoin will regain momentum and short covering will be triggered.</p> 
<p><a href="https://www.tradingview.com/chart/ETHUSDT/RYIek5Mz-ETH-price/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p class="has-text-align-center">Source: TradingView</p>
<p>At press time, the<strong> Ethereum crypto (ETH) price</strong> traded at $2912 with an intraday surge of 0.10%, reflecting neutrality on the charts. It has a monthly return ratio of -7.28% and 60.90% yearly, replicating the short-term profit booking outlook.</p>
<p>The Momentum Indicator (RSI) curve stays below the midline and shows a negative crossover. However, a hidden divergence is still on the cards.</p>
<h3 class="wp-block-heading" id="strong-total-value-locked-is-declining-what-does-it-mean-strong"><strong>Total Value Locked is Declining, What Does it Mean?</strong></h3>
<p>In the last 10 trading sessions, the total value locked of the Ethereum (ETH) coin showed a downmove, noting a drop of over 8.78% to $51.12 Billion.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/JzI2sDlyI-Kzqo1Jzwjjo4-BEGnzVviFq15a1xkofEv5u64jFb3l3MQWSuCUpJE8dvWmbQ_ufgQh2gUSpNfQPXc_W4JibfvANXHLMt_dzJl5iut8Ang8AAhfUT1BiSUFnte4_pDLQsmsf_ClBgG7Ag4" alt="">
 </figure>
</div>
<p class="has-text-align-center">Source: Artemis</p>
<h3 class="wp-block-heading" id="strong-futures-data-remained-stable-strong"><strong>Futures Data Remained Stable</strong></h3>
<p>This week, the derivative data remained stable, and the open interest value spiked over 1.24% to $10.83 Billion in the last 24 hrs.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/2BkaJU8JfwJmeDRKYuybKs-trEC3NAUCk_qOnX7AiDamjhCIsnUk-7JvT1vx-IDJeZcRvTFeAef5CY0RxRFv9OSfITDft_zUTEydVzGiCBfdUyMd3qx8wvzmEOIaRWG8TSG967pEp9ynZfS7FUFtzhQ" alt="">
 </figure>
</div>
<p class="has-text-align-center"><strong>Source: CoinGlass</strong></p>
<h3 class="wp-block-heading" id="strong-surge-in-daily-transactions-strong"><strong>Surge In Daily Transactions</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/hvx6T8Tm43QB6ksAFMoqjlFC2HTEC191TTawWyqLMNjF4vgXHfbnlkJHP_FPemiSy7qMZ3e3-S3XHVBGjzsSihgwpuDf1znfSRhCQ10Et7lSYmWYs6Z7KtHV9jXubrMw_IjDlHVKiDg2fRlewC3uSKs" alt="">
 </figure>
</div>
<p class="has-text-align-center">Source: Artemis</p>
<p>This week, <strong>Ethereum </strong>remained stable, buyers succeeded in resisting the selloff. Likewise, the daily transaction data highlighted a noteworthy surge of over 10.20% to 1.20 Million.</p>
<p>The immediate support levels for the <strong>ETH</strong> are $2880 and $2800, whereas the key upside hurdle is around $2970, followed by $3050.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The Ethereum (ETH) coin is poised for a rise and may soon retain the round mark of $3000. Amidst the downturn from the top, the market sentiments remained stable, and the ETH coin likely will come back sharply soon.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Can Ethereum (ETH) Price Outperform This Month Amidst Correction?

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Thecoinrepublic.com

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