Is Ethereum (ETH) on the way to a new rise? Analyst predicts bullish signal

Ethereum Testnet

Recently, prominent cryptocurrency analyst and trader, Crypto Tony, shared his insightful observations about Ethereum (ETH) on social media, pointing out two crucial levels that could determine the direction of this popular cryptocurrency. In this news, we will explore the analysis of it and the implications for the future of ETH.

Ethereum and its critical moment:

In a post on the platform According to the analyst, if ETH manages to surpass the $1,850 mark, this could trigger a bullish signal for the cryptocurrency. This prospect generated great expectations among the crypto community.

Crypto Tony’s bullish signal

Crypto Tony not only shared his bullish view but also warned of a bearish signal. According to his observations, if Ethereum (ETH) falls below $1,747, this could indicate a possible decline in its value. This duality of signals has kept investors in suspense, who are eager to know what the future holds for ETH.

The current state of Ethereum

At the time of writing, Ethereum is in a crucial position, trading in the range outlined by Crypto Tony. Data provided by CoinMarketCap shows that ETH is trading at $1,802. Although it has experienced a loss of 1.56% in the last 24 hours, it is important to highlight that this drop has not been enough to reverse its weekly performance, which still remains in positive territory with an increase of 1.15%.

Technical analysis

From a technical perspective, several indicators on Ethereum’s daily chart suggest that we could see significant moves in the coming days. The daily Relative Strength Index (RSI), a key indicator, has crossed below the RSI Simple Moving Average (SMA) line for the past three days. This bearish signal suggests that buyers are losing strength against sellers.

Daily chart for ETH/USDT. Source: TradingView

Adding to this bearish outlook is the daily Moving Average Convergence and Divergence (MACD) indicator. At this time, the MACD daily line is approaching the daily signal line, which could indicate the beginning of a bearish trend. Confirmation of this bearish thesis would come with the crossing of the MACD line below the signal line.

Future perspectives

If these bearish technical indicators are confirmed, it is possible that the price of ETH will fall to $1,747. In case of a break below this level, the next key support lies at $1.675. However, if Ethereum manages to break through the immediate resistance of $1,850, we could witness fresh bullish momentum.

Crypto Tony’s analysis has generated a lot of excitement in the cryptocurrency community, and Ethereum is at a crucial moment. Investors should keep an eye on these key levels and market signals as they could define the future direction of ETH. Volatility is a constant in the world of cryptocurrencies, and analysts play a fundamental role in providing valuable information for decision-making. The future of Ethereum (ETH) appears to be at stake, and investors are eager to see if Crypto Tony’s bullish signal materializes or if a bearish trend will prevail. Stay updated and follow Ethereum’s movements closely in the coming days.