Ethereum

Convergence

Flow

bullish

Momentum

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum (ETH) is currently in a 4-hour symmetrical triangle, indicating a potential rally.</li> 
 <li>Market activity for Ethereum has been modest, with a slight price increase of 2.45%.</li> 
</ul>  
<p>Ethereum (ETH), at the time of reporting, is trapped in a 4-hour symmetrical triangle, showing no obvious directional trend. </p> 
<p>On-chain data hints at a potential rally on the horizon. </p> 
<h2 id="ethereum-s-market-activity">Ethereum’s Market Activity</h2> 
<p>Ethereum’s market activity has been relatively calm, with a minor price increase of 2.45%, now trading around the $2,600 mark. </p> 
<p>This type of price behavior is common when an asset is trading within a symmetrical triangle, a pattern defined by converging diagonal upper and lower lines. </p> 
<p>Historically, such trading patterns have frequently resulted in significant price movements, either upwards or downwards. </p> 
<h2 id="analyst-predictions-for-ethereum">Analyst Predictions for Ethereum</h2> 
<p>Crypto analyst Carl Runefelt recently suggested that Ethereum is at a crossroads, facing a decision that could either trigger a drop to new lows or potentially drive Ethereum to a new monthly high. </p> 
<p>Runefelt provided a 4-hour chart to illustrate potential price targets, based on the direction Ethereum takes, with a potential bullish target at $2,800 and a potential bearish target at $2,350. </p> 
<p>At such a crucial point, it’s vital to identify additional confluences. </p> 
<h2 id="in-the-money-traders-and-ethereum">‘In the money’ Traders and Ethereum</h2> 
<p>Using the In and Out of Money Around Price (IOMAP) indicator, it was analyzed whether traders in profit (in the money) or at a loss (out of the money) could impact Ethereum’s price direction. </p> 
<p>“In the money” signifies that trades are currently profitable and act as a support zone, while “out of the money” represents unprofitable trades, serving as resistance. </p> 
<p>According to IntoTheBlock, Ethereum has rebounded from the $2,597.37 support, with transactions involving 2.39 million addresses holding over $8 billion in Ethereum. </p> 
<p>This level is crucial for potentially driving the price upward. However, significant resistance from traders that are out of the money is expected at $2,677.33, $2,760.00, and $2,831.77. </p> 
<p>Even though these resistance levels pose challenges, the current bullish momentum, which is outweighing selling pressure, suggests Ethereum may trend toward or exceed $2,800. </p> 
<h2 id="buyer-interest-in-ethereum">Buyer Interest in Ethereum</h2> 
<p>Momentum among Ethereum traders is rising, as indicated by the Moving Average Convergence and Divergence (MACD). </p> 
<p>This tool monitors the relationship between two moving averages of Ethereum’s price, aiding in identifying changes in momentum and direction. </p> 
<p>Recently, the MACD signaled a bullish crossover, suggesting that buyers are actively entering the market and may continue to push the price upward. </p> 
<p>Furthermore, Ethereum’s momentum has been increasing, with the MACD trending toward positive territory. This indicates a strong possibility of continued price increases. </p> 
<p>The Chaikin Money Flow (CMF) also supports this bullish outlook. It has been rising since the 18th of August, indicating that buying pressure was increasing. </p> 
<p>If this trend continues, it could further drive Ethereum’s price higher to the $2,800 target.</p>

Ethereum’s Next Move: Rising to $2,800 or Descending to $2,500? Key Factors to Consider

Table of Contents

CoinEagle.com

Other articles published on Aug 23, 2024

Binance Boosts Market Sentiment with DOGE, TON, AAVE, NEAR, and MATIC Announcement

Is Worldcoin (WLD) About to Break Out or Continue Downward? Technical Chart Analysis Reveals All!

‘Cult Meme Coins’ Will Outperform This Market Cycle: Analyst

Sony rolls out Soneium blockchain in partnership with Startale

BTC, BNB, TRX Price Predictions for This Weekend

Bybit’s Report Highlights TON’s Successful Strategy to Onboard 1B Telegram Users into Web3

Join our free newsletter for daily crypto updates!