Ethereum Bulls Reinstate Optimism Talks as ETH Rebounds on $3000
Ethereum (ETH), the world’s number 2 cryptocurrency by market cap, regained its stance above the $3K mark early morning yesterday. However, the cryptocurrency is currently down by 0.53%, dropping from $3,015 to about $3,008 at the time of writing. Following the recent price movement, ETH bulls could be optimistic about the end times of the ‘crypto winter.’
ETH Possible Bullish/Bearish Trend
According to recent statistics, ETH had been struggling to surpass the $2,900 mark up until yesterday. The digital asset recorded a 7-day low of $2.4K around the 1st of February, giving bulls mixed signals on whether it is time to buy. However, the coin traced an upward trajectory until about 4th February, when it struggled to surpass its intraday support of $2.7K at the time.
Nonetheless, ETH’s market capitalization is down by 0.4%, as is its 24H trading volume that has accelerated downwards by almost 50%. Overall, the crypto market capitalization has also seen a drop in the last 24 hours, and it could give investors enough incentive to buy more coins. Judging from ETH’s recent price action, investors could regain holding positions.
Cryptocurrency data tracker Santiment revealed that the number of transacting active ETH addresses has hit a 2 month high, reaching almost 3.5K. The last activity highs in the network occurred back in December, although the figure at the time is lower than it is currently. That could signify a bearish trend turned bullish, as ETH bulls continue to hope the coin maintains above $3K.
Analysts are speculating on whether ETH will rebound to the $4K mark after it moved almost 30% up from its start of 2022 value. According to one trader, the coin’s recent price track showcases a 21-month exponential moving average that traces how ETH could climb back near to its all-time high value. He stated that if the digital asset manages to climb over $3.3K, the possibility of climbing higher is massive. However, he warned that if it rejects at $3K, it may proceed to a retest at the $2.7 mark.
ETH Against the Altcoins
Although Ethereum’s coin is still leading the altcoin charge behind bitcoin, other cryptocurrencies could be viable options for investors. However, the start of the financial year 2022 has seen the crypto market experienced a bloodbath from an overall point of view. Alts like Dogecoin, Cardano, and Polkadot have shown some light at times, but the price movement is not so pleasing to many investors’ eyes.
Although some might see other alts gaining more than ETH, it could be a difficult mountain for crypto-assets like $DOGE to reach $1 before the former accelerates to values above 5K. Dogecoin has struggled to reach its 3-month high of $0.2, with its resistance level standing in between $0.147 to $0.156. ADA, on the other hand, has faced obstacles climbing above $2.4, now trading at values between $1.12 and $1.2.
