Ethereum Market Outlook: Technical Indicators Signal Possible Continuation of Uptrend 📈
Ethereum (ETH), the world's second-largest cryptocurrency, has seen significant price fluctuation recently, trading around $2,633. Despite a 1.2% decline over 24 hours, ETH has appreciated by 50% in the past month, highlighting strong market sentiment.
CryptoQuant analysts, particularly Ibrahim Cosar, note Ethereum's potential breakout due to a 'bull flag' chart pattern and its position above the 200-day EMA. Cosar predicts ETH might reach $3,000 to $3,500.
Another analyst, elcryptotavo, emphasizes Ethereum's Open Interest levels and subdued retail trading, indicating institutional dominance in the current rally. Further retail activity could accelerate Ethereum's momentum.
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