Ethereum prices experienced a strong breakthrough after the formation of a double bottom, indicating that they will continue to rise to $2000.Today, the broader cryptocurrency market is undergoing a new exciting phase! Shanzhai Coin joined the Bitcoin camp, driving the entire cryptocurrency market up 7
Ethereum prices experienced a strong breakthrough after the formation of a double bottom, indicating that they will continue to rise to $2000.
Today, the broader cryptocurrency market is undergoing a new exciting phase! Shanzhai Coin joined the Bitcoin camp, driving the entire cryptocurrency market up 7.5% and bringing over $150 billion in returns to investors.
Ethereum Leading the Shanzhai Coin Party
As Bitcoin prices hit a new high of $23000 in 2023, top counterfeit currencies such as Ethereum (ETH) have risen by 8%, breaking through the $18000 level, and are expected to rise to $2000. Through current measures, Ethereum's growth rate so far this year has also expanded to over 50%.
Another interesting development is that the US SEC has acknowledged Grayscale's application to convert its Ethereum Trust (ETHE) into a spot Ethereum ETF.
According to the technical chart, the price of Ethereum has broken through the $1745 level after forming a double bottom. Other technical indicators also suggest that the upward trend will continue.
If traders maintain open positions to buy, they may push the potential 12.25% to break through to $1958. Once a breakthrough occurs, trading volume may surge as traders seek new opportunities for Ethereum to break through neck resistance.
The current relative strength index (RSI) is 75, indicating that Ethereum prices are expected to maintain an upward trend. However, investors need to remain cautious as overbought conditions may lure traders to take profits or protect their investments.
As shown by the Money Flow Index (MFI), the advantage lies in being long. This indicator monitors the flow of funds in and out of the market, and continuous growth indicates that buyers are dominant in the upward trend.
For Ethereum bulls, breaking the $2000 mark may be an important turning point. It may become a catalyst for the next bull market.
ADA and DOGE, also known as Big Move
In the list of the top ten cryptocurrencies, Dogcoin and Caldano have shown similar trends to Ethereum, both rising by 8%. BNBCoin and RippleXRP both rose 4%.
On the other hand, Solana, which has consistently performed well, still performs mediocrely and appears to be entering a consolidation phase after a 30% weekly increase.
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