Crypto Mania

Ethereum Eyes Breakout as Price Consolidating for a While

Ethereum News
  • The ETH price has been consolidating lately after failing to clear above $1850 level.
  • With an RSI reading of 72, the ETH price is well in the overbought region.

A crucial indicator still indicates considerable volatility for Bitcoin (BTC) despite the asset’s recent upward momentum due to the widespread expectation of the approval of a spot Bitcoin ETF. Santiment, a market intelligence firm, reports that whale activity and social volume in Bitcoin have dramatically decreased over the previous week.

Despite a weeklong uptrend, the Ethereum price has been unable to push through the significant barrier at $2,000. The MVRV signal shows a fresh rise has started for Ethereum, says well-known expert Ali. The analyst recently tweeted about the magnitude of ETH purchases that were made at a discount and are now profitable.

The MVRV falling to new lows indicates that Ethereum is undervalued relative to its realized price, which is usually indicative of the beginning of a protracted rebound. Now that the MVRV has made a positive turn, Ali anticipates a new wave of buying interest in ETH.

Breakout Likely

According to the RSI indicator, the ETH is now overbought. With an RSI reading of 72, the ETH price is well in the overbought region. At the time of writing, ETH is trading at $1823, up 2.10% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 47.49%.

The price has been consolidating lately after failing to clear above $1850 level. A clear breakout above $1850 level will likely see price testing the crucial $2000 psychological mark.

Breaking above the $2000 mark will see price testing the $2123 resistance level. On the other hand, if the price falls below $1763 level, then it will likely move towards $1670 support level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.

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