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As the crypto market yields similar gains today, the Ethereum price has risen by 0.5% in the last 24 hours, reaching $1866. So, what are the expectations in Ethereum, the leading smart contract platform?
ETH Price Movement!
ETH has fallen by 2% in a week but has risen by 14% in the last 14 days, and the largest altcoin in the market has also increased by 56% since the beginning of the year. ETH, whose 24-hour trading volume currently exceeds $6 billion, may line up for further gains in the next few days, particularly when there are signs of large whale transfers involving the cryptocurrency.
ETH’s fundamentals mean that it will see continuous increases in the medium and long term, even if it doesn’t rebound in the short term. ETH has seen a slight increase in the last hour, reflecting this apparent increase in momentum with its graph and indicators.
Firstly, the relative strength index, which was just below 40 yesterday, jumped slightly above 50 today, indicating a growth where there will be a greater concentration in buying pressure. Similarly, its 30-day moving average has flattened after appearing to drop towards its 200-day average. This situation could indicate more gains to come.
ETH Price Prediction!
With the approach of ETH’s price movement to a point where a significant move in either direction can be seen, it may imply a break is needed in the next few days. However, considering the overall position of ETH, such a move is more likely to be upward.
This argument is backed by the fact that whales seem to have spent most of the week selling ETH, suggesting that they will now start accumulating the cryptocurrency again. More importantly, if there is an altcoin that should rise when the market moves more bullish, it would be Ethereum. It continues to take the lion’s share in the DeFi market, and the staking application resulted in the withdrawal of approximately 23 million ETH from circulation.
