Ethereum: What to expect as ETH stages a near 10% recovery on the charts

Please fol­low and like us:
Pin Share

ETH is show­ing strong signs of recov­ery after a recent melt­down of the cryp­to mar­ket. The par­i­ty was restored after a near 10% growth surged ETH above $2,000. Impres­sive­ly, it has been able to hold this posi­tion after plung­ing below $1,700 in the past week. What can we expect from the flag­ship alt coin?

Is this revival or not?

It sure­ly looks like a revival for ETH. After drop­ping to despair, Ethereum has come back to life with a point to prove. It is fresh from a near 10% growth and into famil­iar ter­ri­to­ry in the $2k range. This is a vote of con­fi­dence for the ETH investors who were expect­ing big changes in this season.

Stat-alert

The recent data is par­tic­u­lar­ly bull­ish for Ethereum with the whales being full swing. One might say, the strong whale move­ments have been respon­si­ble for the upward move­ment of ETH.

Whale trans­ac­tions have crossed 3,000 the past two days, through 11–12 May sug­gest­ing a devel­op­ing trend for days to follow.

Source: San­ti­ment

The surge in whale move­ments has caused a con­se­quent hike in trans­ac­tion vol­ume on the Ethereum net­work. Accord­ing to data from San­ti­ment, the trans­ac­tion vol­ume has shown a dra­mat­ic increase recent­ly with vol­umes cross­ing 9 mil­lion on 11 May and 13 mil­lion on 12 May.

Source: San­ti­ment

The RSI is anoth­er indi­ca­tor poten­tial­ly point­ing towards a tide rever­sal. In the past 24 hours, the index val­ue of RSI has surged to 40.5 from an over­sold region of 19. As the RSI con­sol­i­dates around this region, there is increas­ing­ly like­li­hood of a surge in prices for ETH soon enough.

Source: Trad­ingView

Let’s hear it from the experts

Mark Cuban, the bil­lion­aire Shark Tank investor warned investors while talk­ing to For­tune as he said,

“Don’t go over­board on cryp­to. Stocks are going through the exact same thing. When mon­ey is cheap, peo­ple have to put it some­where and search for returns. When it’s no longer cheap and prices start to go down, peo­ple try to pro­tect their gains.”

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *