- Santiment reported a surge in Ethereum (ETH) speculation due to recent ETF applications.
- ETH’s price escaped a downward trend, trading at $1,646 with a 0.63% rise.
- The daily MACD line indicates ETH’s price could continue its upward trajectory.
Santiment, a blockchain analytics platform, posted a tweet earlier today indicating a surge in trader speculation and optimism for Ethereum
CoinMarketCap data showed that the top alternative cryptocurrency was trading at $1,646, having risen by 0.63% in the last 24 hours. Furthermore, this positive daily trend pushed ETH’s weekly performance back into positive territory at +0.02%.
Technically speaking, the price of ETH managed to escape a downward price trend established on its daily chart in the last 48 hours. Moreover, the digital currency maintained its position above the several-week downward channel at the time of reporting.
Should ETH end today’s daily candle beyond the bearish channel, it will reclaim the 9-day EMA line support, approximately at $1,646. Subsequently, the digital currency’s value could persist in its upward trajectory towards the 20-day EMA line, with the potential to convert the resistance level of $1,690 into a support level.
If ETH surpasses this important benchmark, it will pave the way for upward movement towards the next key resistance level at $1,775 in the subsequent week. Conversely, if ETH does not end today’s trading session above the bearish price channel, it could face a correction towards the vital support level at $1,580 in the coming days.
The optimistic outlook for ETH seems more probable, considering its current bullish trend reversal. As of the latest update, the daily MACD line diverged upwards from the MACD Signal line. In addition, the MACD Histogram also shows an increasing positive trend, indicating that the price of ETH could continue its upward trajectory in the next 24-48 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
