The latest uptick might just be the beginning of a massive rally, especially since the king of altcoin's, "ETH" price is now moving inside a bullish pattern. The last 7 days weren’t in the investors’ best interests as ETH’s price dropped by over 6%. However, as the market trend changed, ETH also managed to push its price up by more than 4.5%
Interestingly, things might get even better for ETH in the coming days. A successful breakout from the pattern could result in ETH hitting new highs in the coming months. Additionally, Ethereum’s supply held by top addresses also rose slightly, suggesting that buying pressure on the token was high.
On the contrary, its MVRV ratio remained low. At press time, ETH’s MVRV ratio had a value of -5.94%. The CMF seen a sharp jump in the index and also the MFI went north. Both of these indicators suggest that the chances of a sustained bull rally are high. On the other hand, the MACD supported the sellers as it flashed a bearish crossover on the charts.
As of now, at the time of writing this article, ETH is trading around $3,120 and it up by 0.5% in the last 24 hours and has a market capitalization of $374.6 Billion.