Ethereum has been experiencing some interesting developments in the market recently, with potential signs of a bullish breakout on the horizon. Despite a short squeeze that led to $500 million in liquidations, Ethereum has managed to hold above $2,400, while Bitcoin remains above $100,000 amidst rising geopolitical tensions.
One key indicator to watch for is the crossover above the weekly Moving Average, which has not yet occurred. This crossover has historically preceded significant rallies in the past, such as the ones seen in November 2024 and October 2023. A decisive rally that moves past this Moving Average could signal the start of a new uptrend for Ethereum.
Another positive sign is the seller exhaustion constant, which has fallen to its 18-month lows. This metric, which takes into account the percentage supply in profit and price volatility, suggests that a low-risk bottom may have been formed for Ethereum. The current levels of the seller exhaustion constant match those seen in January 2024, indicating a high probability of a bottom being in place.
On the technical side, the ETH/BTC SOPR (Spent Output Profit Ratio) has been showing weakness for Ethereum relative to Bitcoin. Consistent values below 1 indicate that investors have realized heavier losses or fewer profits on their spent ETH compared to BTC. While there was a brief resurgence in April, the overall trend still shows ETH weakness compared to BTC.
In conclusion, Ethereum is showing signs of potential bullish momentum, with key indicators pointing towards a possible breakout. Traders and investors should keep a close eye on the weekly Moving Average crossover and the seller exhaustion constant for confirmation of a new uptrend. As geopolitical tensions continue to impact the market, Ethereum’s resilience above $2,400 is a positive sign for the future. The Benefits of Mindfulness Meditation
Mindfulness meditation is a practice that has been gaining popularity in recent years due to its numerous benefits for mental, emotional, and physical well-being. This ancient practice involves focusing on the present moment, acknowledging and accepting one’s thoughts and feelings without judgment. By cultivating mindfulness through meditation, individuals can experience a wide range of positive effects on their overall health and quality of life.
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