After forming a promising bullish pattern, Ethereum is hovering below $3,950. The network's growth and holders' confidence could be game-changers. Is it just a breather or the prelude to a new rally ? Let's dive into what the indicators unveil.
After forming a classic “cup and handle” pattern, typically synonymous with a bullish continuation, Ethereum has failed to break through the $3,950 resistance. It’s now evolving within a descending channel.
Key indicators :
Despite persistent selling pressure, Ethereum network activity is surging: +29.94% new addresses and +3.17% active addresses.
Key takeaways :
The on-chain valuation metrics offer a nuanced view of the situation.
In summary, Ethereum faces a crucial test, torn between historical selling pressure, positive on-chain indicators, and the resilience of its long-term holders. The key objective : reclaiming $3,950 to validate a bullish breakout.
It remains to be seen whether buyers will manage to propel ETH toward new highs, or if recent selling waves will lead to a more pronounced correction. Ethereum finds itself at a pivotal moment, between support and resistance.
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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