Ethereum is back on the rise. Amid volatile markets, key indicators hint at a potential breakthrough above $3,000. Institutional adoption, upcoming ETF, and technical momentum could soon surprise everyone.
The Directional Movement Index (DMI) of Ethereum reveals a significant increase in trend strength. The Average Directional Index (ADX) has jumped from 11.58 to 24.77 in just one day. ADX measures trend strength regardless of its direction. Values above 25 usually indicate a strong trend.
This critical threshold is now being approached by ETH, suggesting that momentum is intensifying and a more pronounced directional movement could develop. Analysts have recently highlighted four reasons why Ethereum could be on the verge of a major breakthrough.
Furthermore, the +DI (Positive Directional Indicator) has surged from 18.17 to 44.07. This signals a strong bullish push, while the -DI (Negative Directional Indicator) has dropped from 23.92 to 12, indicating weakening bearish pressure. The widening gap between +DI and -DI suggests that buyers are clearly taking control.
If this trend continues and ADX crosses the 25 mark, Ethereum could enter a more pronounced uptrend, with growing bullish conviction.
Ethereum (ETH) is approaching a key resistance at $2,790. A breakthrough of this level could fuel a strong bullish trend, allowing ETH to test $3,442. Its Exponential Moving Average (EMA) lines support this hypothesis, indicating a strengthening uptrend.
However, Ethereum could experience a significant decline if the support at $2,462 is tested and lost, potentially causing the price to drop to $2,326. A strong downtrend could even push ETH even lower, potentially below $1,938. It would then be below the $2,000 mark for the first time since early May. Such a scenario would indicate a significant shift in sentiment, transitioning from a bullish to a bearish trend.
Overall, the technical signals for Ethereum are promising, but the major resistance at $2,790 and the key level of ADX at 25 will be crucial for a potential continuation of ETH’s uptrend. Crypto enthusiasts should stay tuned for upcoming developments to see if Ethereum realizes its full growth potential. To seize opportunities around Ethereum, you can do so through Bitget. It’s a user-friendly and reliable exchange.
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