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This article is also available in Spanish.
Ethereum (ETH), the second largest cryptocurrency in the world, has recently had significant price fluctuations, trading around $ 2,233 at the time of writing. The assets have recorded a gentle drop by 1.2% in the last 24 hours, slightly withdrawing after exceeding $ 2700 last week.
Despite this brief -term withdrawal, Ethereum in particular appreciated by about 50% over the past month, showing a mighty price strength and significant market interest.
The last price campaign attracted the attention of outstanding cryptocurrency analysts, especially from cryptochants, who strictly monitored technical indicators and market behavior of Ethereum.
These analysts have provided observations that suggest a potential further ETH movement, indicating critical levels and market indicators that investors may want to carefully observe.
Liquid Ethereum technical indicators and a potential breakthrough
The analyst Cryptoquant Ibrahim Cosar recently published a technical analysis describing the stubborn ETH scenario. According to Cosar, Ethereum created a pattern known as “bull flag”, suggesting a possible upcoming breakthrough.
The bull flag is a formation of charts often interpreted by traders as indicating a further shoot after the consolidation period. The price of Ethereum oscillated in a certain range from 2,400 to 2,700 USD for almost three weeks, creating favorable conditions for such a breakthrough.
COSAR also emphasized the indefinite position of Ethereum above the 200-day interpretation average (EMA), a widely monitored technical indicator. Historically, it will remain consistently above this indicator meant positive market moods and preceded significant price rallies.
Considering the current position of Ethereum in relation to this EMA, COSAR suggested a potential augment upwards in a price direction from 3000 to 3,500 USD, it can soon be realized.
Market implications and retail activity
Another cryptochant analyst known as “Elcryptotavo” offered a complementary perspective, identifying signals that usually indicate market peaks.
In particular, the analyst mentioned the open interest of Ethereum (OI), noting that a significant market signal occurs when Oi Ethereum exceeds Bitcoins, a script historically correlated with market peaks.
Currently, ETH has not yet achieved this critical threshold, suggesting, according to this analyst, a potential place for further position before a significant correction occurs.
Elcryptotavo also presented observations on retail commercial behavior. Usually, retail commercial activities are growing rapidly near market peaks, reflecting a wide market share. However, current data on retail commercial volume remain relatively subdued.
This observation means that institutional investors or immense market players mainly drive the current Ethereum. A significant augment in retail share, if this happens, can keep and accelerate the Ethereum shoe, the phenomenon observed earlier during the bull cycle 2020–2021.
A distinguished picture created from DALL-E, chart from TradingView
