The continuous bullish candles stimulated Ethereum to reach its June high.The sustained bullish momentum may reverse the market structure over a longer period of time
- The continuous bullish candles stimulated Ethereum to reach its June high.
- The sustained bullish momentum may reverse the market structure over a longer period of time.
The bullish sentiment sweeping the Cryptocurrency market has stimulated a large amount of capital inflows. According to data from CoinMarketCap, the total transaction volume of Cryptocurrency market in the past 24 hours was $47.81B, an increase of 25.13%.
The significant increase in transaction volume has enabled Bitcoin [BTC] to regain a price range of $30000 and has had a ripple effect on counterfeit coins. Ethereum [ETH] has the largest market value among all counterfeit currencies, with a significant increase, and its price soared to 1924 dollars. However, the rejection of price levels has raised some concerns about the strength of ETH's bullish rebound.
Sharp rise stimulates bulls to approach key resistance levels
The 12 hour time frame highlights the strong push of Ethereum from the support level of USD 1718. Three consecutive bullish candles pushed ETH to the resistance level of $1924. The level of $1924 was a powerful obstacle to the bull market's rise before April and May, and once again hindered buyers.
As of the time of publication, the price refusal led to a slight drop in ETH, with the trading price of the King of Shanzhai Coins at $1888. Despite being rejected, the sustained signs of a bullish rebound seem positive.
The rapid increase in Chaikin's Money Flow (CMF) indicator from June 19th to June 21st indicates a significant influx of funds into ETH. Despite a slight decrease, as of the time of publication, CMF remained positive with a reading of+0.12. RSI hovers below the overbought area, showing strong bullish momentum.
Overall, due to the strong bullish momentum and weakened resistance levels from multiple tests, buyers may flip over the next retest of the $1924 level. If this level cannot be flipped, ETH may fall into a range, with bears targeting the price range of $1800.
The decrease in exchange supply may drive a bullish rebound
The sharp decline in the supply of ETH on the exchange may drive the bullish outlook. Santiment's data shows that since May, the supply on the exchange has significantly decreased. This decrease may be related to the increase in ETH pledges.
The 90 day market value to realized value (MVRV) ratio also climbed above the zero line, reaching 1.97%. This indicates that the buyer is slightly profitable and has the possibility of gaining more profits. Together, they show encouraging signs, indicating a stronger bullish trend in the short term.
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