The upward trend of Ethereum variation has been suspended, and the price of Ethereum has stabilized after a significant increase. The stagnant rise makes investors wonder: When will Ethereum's upward trend continue?The analysis of charts and recent headlines allows us to gain insight into possible future scenarios
The upward trend of Ethereum variation has been suspended, and the price of Ethereum has stabilized after a significant increase. The stagnant rise makes investors wonder: When will Ethereum's upward trend continue?
The analysis of charts and recent headlines allows us to gain insight into possible future scenarios.
The Ethereum chart shows that prices have recently dropped after a significant increase, leading to a market pause. The contract period is healthy as it allows the market to establish new support levels.
Ethereum prices are still far above the 50 day and 100 day moving averages, indicating that the overall trend is still rising. The relative strength index (RSI) has retreated from overbought levels, which may open the door to another upward trend.
If Ethereum maintains support and avoids falling the multiple moving averages, prices may be prepared for another upward trend. This may be driven by rising adoption rates and positive market sentiment.
Pay attention to the narrowing of the Bollinger band and then break through the Bollinger band onto the track, which may mark the beginning of another period of upward trend.
On the contrary, falling below the multiple moving averages may indicate a bearish decline. Rising selling pressure and negative market sentiment may drive down prices. The intersection of declining indicators can confirm this, indicating that it may be time to prepare for a potential decline.
Recent data shows that Ethereum's destruction rate has achieved stable growth, exceeding emissions six months after the merger and upgrade, resulting in a decrease. Nevertheless, the daily destruction rate of Ethereum hit a 7-month low on March 12th, dropping by over 89% from its historical high.
This change in the destruction rate may affect the economy of supply and demand, which may affect prices. Investors should pay attention to the ongoing trend of net destruction, as if demand remains stable or rising, it may lead to a decrease in supply and an increase in prices.
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