Ethereum rising to $3.3K proves the bottom is in: Is a 100% ETH rally next?
Ethereum reclaimed the 50-week moving average near $3,300, suggesting a local bottom and potentially setting the stage for a significant rally.Summary
Ether (ETH) recently climbed 7% to $3,362, reclaiming the crucial 50-week exponential moving average (EMA) near $3,300, which historically precedes strong price rallies. This move suggests a local bottom around $2,800, with analysts targeting a break above the 200-day MA at $3,500 to aim for the all-time high of $5,000. Past instances of ETH closing above the 50-week EMA resulted in rallies of 97% to 147%. This bullish sentiment is supported by significant accumulation from Ethereum whales, who have acquired nearly 1 million ETH over three weeks, while smaller holders have sold. Furthermore, demand is increasing, evidenced by $177 million in spot Ethereum ETF inflows and a positive ETH Coinbase Premium Index, indicating renewed US investor interest.
(Source：Cointelegraph)