Ethereum (ETH) price has taken major price swings the past week ranging from $2,150 to $2,891. ETH has achieved three consecutive days of increases starting at $2633 and reaching $2850 as of now.
ETH currently trades for $2,838 and shows rising market attitudes with its 3% daily gain. Ethereum’s price rally started after many weeks of downward pressure which dropped the cryptocurrency by 11.06% weekly and 22.61% monthly.
Market participants are starting to buy more which is shown by the end of ETH’s downward movement. ETH proves the market shift through its ongoing flow of Ethereum out of derivatives platforms.
Ethereum Exchange Netflow Declines Significantly
CryptoQuant data shows ETH Exchange Netflow dropped by -60,000 units again this week. Investors are taking more of their assets from trading platforms at faster rates according to the large decline in netflows. Past market trends show investors take fewer ETH sales and add more to their collection which strengthens buying sentiment.
Traders are accumulating ETH while investing their funds because negative netflows predict potential gains. More Ethereum buyers are currently active in the market than sellers which is shown by the rise of the Buyer-Taker-Sell Ratio to 1.06.
The highest purchasing activities of ETH took place on Coinbase in the United States as evidenced by the positive index. Investors on Coinbase choose to purchase ETH after the price decline for an extended number of weeks.
Exchanges show fewer ETH going out of circulation while selling activity stays weak which points towards rising prices. Exchanges are seeing less ETH entering their stocks as the supply ratio stands at its yearly minimum of 0.13 which demonstrates investor faith in ETh’s rising value.
ETH’s RSI and Stoch RSI Show Positive Shifts
Ethereum’s market data shows positive momentum that matches investor optimism. ETH’s Stoch RSI signal shifted from bearish to bullish by crossing above its recent indicator line. ETH’s relative strength indicator went from 31 to 37 and is approaching a bullish crossover to reinforce its price increase trajectory.
ETH shows stronger upward support because its Moving Average shows value at 41 today. A successful RSI overtake will let Ethereum break through important market barriers toward additional price growth.
People in the market predict Ethereum will surpass the $3,000 barrier when its current positive trends continue. ETH may advance to $3,300 when it surpasses the well-known psychological barrier.
The recent price movement has been unstable this week so maintaining bullish patterns will determine whether ETH returns to $2,720. If ETH drops below $2,563 after maintaining support it will return to losing position even though it gained value recently.
Traders recently revived their confidence in Ethereum by pushing its prices in a new upward direction. The trend indicators show ETH acquirers are driving the market forward toward a possible price increase. When market sentiment stays positive Ethereum will try to reach $3,000 and test new resistance levels through the next weeks.
