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.
According to Altcoin Sherpa, these signals are the first positive indicators for Ethereum since November 2021.
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.
Quick video on $ETH and #Ethereum. I view both pairs and I would really like to see continued momentum past this $1850 breakout and more volume follow up.
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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
