Ethereum gets the benefit of first assisting the smart contracts. Growing its ecosystem in a small time frame has allowed investors to make huge profits by investing in ETH. Despite the energy crisis and concerns regarding proof of work, there seems to be no stopping the rally we are witnessing from the BTC and ETH alike. ETH has maintained its second position and has a lead of above 5x the following cryptocurrency, BNB.
Ethereum Signals Renewed Buying Momentum
Ethereum prices have once again rebounded from taking support from its 200-day moving average. With a clear uptrend, the ETH price has one last resistance of $4,000 to clear. After that, a single-digit rally of 6% will help it ascend to a new level of a positive trend. For more insights on where Ethereum’s price may be headed, be sure to check the latest Ethereum price prediction.
Ethereum’s cryptocurrency has been following a similar buying trend we are witnessing in BTC. $3600 had evolved as a strong resistance, which was enforcing selling pressure on ETH despite the retracement from lower levels. ETH too entered into a similar vortex that initiated the selling sentiment in the last two instances in May and September 2021. In terms of buying sentiment, we are witnessing a consistent rise indicating buying on all time frames. RSI has jumped from 35 to 65 levels in less than a month, indicating opportunistic buyers waiting for a lower valuation to make fresh entries.
