Ethereum

Flow

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-nears-3200-price-mark" rel="noopener noreferrer nofollow">Ethereum Nears $3,200 Price Mark</a><br></p>
<p style="text-align: justify">The price of Ethereum is inching closer to the significant $3,200 milestone, having surged by 10% in the past 48 hours. This raises the question of whether a <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">bull market</a> is imminent. Various indicators suggest the potential for upward movement in the cryptocurrency’s value.</p>
<h2 id="is-ethereum-breaking-its-resistance">Is Ethereum Breaking Its Resistance?</h2>
<p style="text-align: justify">Ethereum (ETH) is on the verge of surpassing a long-standing resistance level, potentially propelling its price to $3,200. Currently valued at $3,140, ETH has seen nearly a 10% increase over the past week, mirroring the overall rise in the cryptocurrency market, which experienced a 9% growth during the same period.</p>
<p style="text-align: justify">ETH is attempting to breach its descending channel’s upper boundary, a move supported by bullish signals on the daily chart. This suggests a decrease in selling pressure and an increase in buying interest. The coin’s Chaikin Money Flow (CMF) has also risen above the zero line, indicating an influx of new liquidity.</p>
<h2 id="can-eth-maintain-momentum">Can ETH Maintain Momentum?</h2>
<p style="text-align: justify">The cryptocurrency market has observed ETH moving towards the upper line of its descending channel, a resistance level since March. The positive shift in ETH’s CMF suggests that buying pressure is currently outpacing selling pressure, driven by an increase in trading volume. Santiment’s <a href="https://newslinker.co/" rel="noopener noreferrer nofollow" target="_blank">data reveals</a> a 40% rise in ETH’s daily trading volume over the past week.</p>
<p style="text-align: justify">Furthermore, Ethereum’s Directional Movement Index (DMI) shows bullish signals, with the positive directional index crossing above the negative index on May 17. Additionally, the Elder-Ray Index confirms stronger buyer presence in the market.</p>
<h2 id="what-are-the-other-metrics">What Are the Other Metrics?</h2>
<p style="text-align: justify">ETH’s Positive Directional Index (green) crossing above the Negative Index (red) on May 17 indicates a bullish trend. The Elder-Ray Index also shows positive values, suggesting buyer dominance.</p>
<h2 id="concrete-inferences">Concrete Inferences</h2>
<ul>
 <li>ETH must break the descending channel’s upper boundary to target $3,200.</li>
 <li>Increased trading volume supports potential upward price movement.</li>
 <li>Positive CMF and DMI readings indicate buying pressure is outpacing selling pressure.</li>
 <li>Failure to break resistance may lead to a price drop to $2,775.</li>
</ul>
<h2 id="conclusion">Conclusion</h2>
<p style="text-align: justify">Ethereum bulls have a chance to push the price above $3,200 if they can break through the upper line of the descending channel. However, if selling pressure returns, the price could fall to $2,775, highlighting the volatile nature of the cryptocurrency market.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-nears-3200-price-mark" rel="noopener noreferrer nofollow">Ethereum Nears $3,200 Price Mark</a></h5>

Ethereum Nears $3,200 Price Mark

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