Price rises above the downtrend line and key MA levels

Cryptocurrency markets are showing tentative signs of recovery, with major assets like Ethereum (ETH) seeing modest gains over the past 24 hours. After a sharp decline that sent ETH’s price crashing to $2,154 last Friday, the digital asset is now nearing $2,400, sparking optimism among investors.

Signs of an imminent upward breakout?

Recently Social Media Posts Market expert Jesse Olson on X (formerly Twitter) highlighted several bullish indicators on Ethereum’s 8-hour chart, suggesting that this recovery could continue. One key signal is the pending buy indicator, which could see a rebound to previously lost levels if macroeconomic conditions align favorably.

Olson also points out that: Strong emanation On the 8-hour chart, it generally indicates a change in momentum towards an uptrend. There is also a potential reversal candle that has emerged, indicating that if the current momentum continues, this could bode well for bullish investors looking to capitalize on this recovery.

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The expert also emphasizes that the Ethereum price is currently recovering. 200 week moving average (MA) and the recent trend of market indicators. The price also broke the downward trend line that has been maintained since the end of August.

However, maintaining this recovery is crucial to validating these bullish signals. If Ethereum fails to maintain its upward trajectory, it could retest lower support levels or Price Integration It ranges from $2,100 to $2,300.

Ethereum price approaches key resistance line

Crypto analyst Daan Crypto Trades echoes this sentiment, noting that Ethereum has bounced solidly from support levels. However, he warns that trading in the $2,100 to $2,850 range could be volatile.

Daan argues that: Social Media PostsA consolidation above $2,850 would indicate significant bullish momentum for Ethereum, confirming a breakout from the current downtrend and setting a target for $3,000, a key level that it has not reached since early August.

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According to CoinGecko, ETH is currently trading at $2,383, above the top of a descending channel, up about 2% over the past 24 hours. data.

However, this surge was offset by a decline in trading volumes for the second-largest cryptocurrency on the market. In the past 48 hours, trading volumes reached $12 billion, down 15% from Monday’s trading session.

Also, in longer time frames, Price of ETH It is still reeling from the sharp declines seen last month, with losses of 2.6% and nearly 7% over the 14-day and 30-day periods respectively.

Featured image for DALL-E, charts from TradingView.com