Ethereum has been on a bullish streak for the past four weeks, with a remarkable 35% increase in value. In the last 24 hours alone, the cryptocurrency saw a significant double-digit surge of over 10%. The driving force behind this rally has been identified as a shift in liquidity from Bitcoin to Ethereum, among other factors analyzed by AMBCrypto.
One key factor contributing to Ethereum’s recent surge is a fractal-based rally pattern identified by market analyst Joao Wedson. This pattern suggests that Ethereum tends to rally 28 days after Bitcoin reaches a new all-time high, with historical data from 2017 and 2021 supporting this theory. Based on this pattern, Ethereum’s breakout may be imminent following Bitcoin’s recent record high.
Technical indicators also point towards further upside for Ethereum. The ETH/BTC chart is showing new higher highs, indicating strong liquidity inflow into Ethereum. The Aroon Indicator confirms a bullish trend, with the Aroon Up hitting 100% and the Aroon Down at just 7.18%. Additionally, the Moving Average Ribbon signals a bullish trend, with the short-term moving averages crossing above the 100-day moving average.
Despite a potential resistance level at $0.02938, sellers may end up taking losses as technical indicators signal a strong bullish momentum. If Ethereum manages to break above the 200-day moving average, sellers at current resistance levels could face significant losses.
In terms of market activity, spot market investors have returned with a notable $11 million inflow into Ethereum over the past 24 hours. This influx of capital into the spot market suggests a positive shift in market sentiment, with much of the purchased Ethereum moving into private wallets for long-term holding.
Overall, the combination of a fractal-based rally pattern, strong technical indicators, and fresh spot buying activity indicates a bullish outlook for Ethereum in the days ahead. If Ethereum continues to attract liquidity and maintain its positive momentum, it could pave the way for new highs in the near future. The Benefits of Regular Exercise for Overall Health
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