Ethereum [ETH] Rebounds, Bullish Signals Suggest Potential Rally
By Contributor
December 25, 2024
ETH has shown signs of a potential uptrend after experiencing a recent price recovery. The asset, which had faced a decline of 8.87% over the last seven days, has now posted a 2.41% gain in the past 24 hours, indicating a resurgence in trader interest.
Technical analysis indicates that ETH has formed an inverse head-and-shoulders pattern, a bullish indicator that often precedes significant price gains. The asset is currently trading within an ascending channel, further supporting the case for an upward price movement. A breakout above the neckline of the inverse head-and-shoulders pattern could lead to a substantial price increase of up to 265.84%, potentially pushing ETH to $12,000.
Despite a recent rejection at the neckline causing a downturn in the market, the daily chart suggests that ETH is on track for a recovery. Institutional and traditional investors have shown increased demand for ETH in the past two days, with data from ETH spot Exchange-Traded Funds (ETFs) indicating purchases of $54.54 million. This surge in demand follows a period of significant selling activity among these investors.
Moreover, there has been a notable decrease in the amount of ETH available on exchanges, with a net outflow of $1.2 billion recorded last week. This trend has continued, with another $35.93 million worth of ETH being withdrawn from exchanges since the start of the week. The combination of declining exchange supply and rising demand could create a supply squeeze, potentially driving up ETH prices.
In the derivatives market, long traders are showing a bullish outlook for ETH, as evidenced by the increase in buy contracts. The funding rate currently stands at 0.0089%, indicating a shift towards positive territory. A positive funding rate suggests that buyers are dominant in the market, which could support ETH in breaking through the neckline resistance and initiating a sustained rally towards a new high near $12,000.
In conclusion, the confluence of technical indicators, rising demand from investors, and a positive funding rate all point towards a potential rally for Ethereum in the near future. Traders and investors should closely monitor key resistance levels and market dynamics to capitalize on potential price movements.
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