Ethereum Ready to Soar? Key Indicators Show Bullish Signals
Altcoin Sherpa, a well-known crypto trader who maintains a significant Twitter following while remaining anonymous, has recently drawn attention to Ethereum (ETH) bullish signals.
In a recent strategy session, Altcoin Sherpa highlighted that the price of Ethereum has broken out and is now trading above its one-day Exponential Moving Averages (EMAs), which is seen as a positive signal by traders.
To be determined if this is going to be a true break or if this is just a deviation and price is headed back within the… pic.twitter.com/Uo7D5BLY5T
— Altcoin Sherpa (@AltcoinSherpa) April 4, 2023
Altcoin Sherpa cautioned, however, that the recent upswing in Ethereum’s price could soon lose steam, with the $2,000 level potentially acting as resistance. He believes that in the short term, Ethereum may dip back to $1,700.
Altcoin Sherpa also emphasized the importance of seeing strong follow-up and momentum after a breakout like this, instead of just consolidation, for the bullish trend to continue.
Despite the warning, Ethereum is currently trading at $1,870, representing a 2.4% drop over the last 24 hours.
Altcoin Sherpa’s bullish outlook on Ethereum is supported by the fact that on higher timeframes, all EMAs for Ethereum are showing solid bullish trends, having tightened up and consolidated.