Ethereum set for rally as the key support at $3.7k holds a fresh surge.
- Ethereum’s price inching closer to $4k as key indicators hint at a potential breakthrough. Market sentiments are bullish as Ethereum’s long positions outweigh short positions.
After breaking out of the bullish flag Ethereum [ETH] tested $3.7 three times, a resistance level that has turned into a support level since 21st May.
The bulls have not yet accumulated enough momentum to push the price over Ethereum’s all time high of $4k, but now they can glimpse the target point.
The price is building a bullish momentum that has pushed ETH’s price from $3.7k to the press time price of $3.8k, in the last three days, representing a 3.94% increase. If the run continues, Ethereum price may hit its all time high at $4k.
Whales spikes or social likes steering Ethereum?
AMBCrypto analyzed the Santiment social volume and whale transaction chart.
The whale transaction chart indicated an increase in whales, which increased price peaks recently. The involvement of large holders indicated a bullish rally in the price.
The social volumes correlated with the price spikes indicating an increased market interest and discussion in the social media platforms, which may lead to a price surge.
Source:Santiment
AMBCrypto also analyzed Ethereum’s long/short ratio, indicating a notable increase in the long positions compared to the short positions. This suggested that traders are increasingly bullish on ETH.
Source: Coinglass
The stochastic relative strength indicator (45.59) indicated that Ethereum was neither overbought nor oversold.
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This neutral position may leave room for a potential price surge or drop. The MACD histograms show a positive momentum, with the MACD line above the signal line indicating a bullish trend.
The MACD value of 1.67 further supports the upward momentum.
Source: TradingView
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