Ethereum (ETH) has experienced a period of moderation after a strong rally in recent months, where the digital asset saw a significant gain of 46.65%. However, over the last 24 hours, ETH has slipped by 0.13%, indicating a temporary slowdown in its growth trajectory.
Analysts have pointed out that this slowdown could be attributed to the ongoing accumulation phase that ETH is currently in. This accumulation phase is seen as a positive sign for long-term growth, although there is uncertainty surrounding how long the market will remain in this pattern.
Crypto analyst Crypto Jelle has highlighted that ETH is currently trading within a bullish pattern known as a symmetrical triangle, which is indicative of an accumulation phase. This pattern suggests that a breakout may be imminent if demand surges, potentially driving ETH’s price higher to around $8,500.
However, further analysis suggests that the accumulation phase may take longer to resolve itself before triggering a significant rally. Market participants are still bidding at lower price levels, indicating that a breakout may require more time to develop.
At present, ETH’s market is witnessing active bidding, signaling an ongoing accumulation phase. The asset is maintaining an oscillatory movement within the converging support and resistance levels of the symmetrical triangle. This movement has led to a spike in long liquidations, surpassing short liquidations, which could potentially lead to a downward trend in ETH’s price.
Moreover, the increase in active addresses, with over 406,000 holders selling ETH to lock in profits, further supports the notion of an ongoing accumulation phase. If long liquidations continue to rise and active addresses remain high, ETH is likely to trend downwards within this phase.
Profit-taking activity has also played a role in limiting ETH’s rally, as indicated by the Taker Buy Sell Ratio. The current ratio stands at 0.85, suggesting that selling volume outweighs buying volume, leading to a downward pressure on ETH’s price.
In conclusion, while ETH’s price may be experiencing a temporary slowdown, the ongoing accumulation phase and active bidding in the market indicate potential for a breakout in the future. However, the timeline for this breakout remains uncertain, as profit-taking activity and market dynamics continue to influence ETH’s price movements. The Benefits of Mindfulness Meditation
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