Recent Trends
The price of Ethereum is considered important, according to data from CoinMarketCap, it has increased by 3.8% this week.
As of the writing of this article, the trading price of Ethereum is around $1,860, with a market value exceeding $23 billion. Despite the current unfavorable market conditions, many in the crypto community expect Ethereum to soon break through the $2,000 mark.
Analysis of the daily chart of Ethereum reveals a bullish trend, as indicated by the Exponential Moving Averages (EMA), with the 20-day EMA above the 55-day EMA.
Furthermore, the Money Flow Index (MFI) is trending higher, despite recent attacks on the Ethereum network leading to a large amount of ETH being stolen through MEV bots.
However, the Chaikin Money Flow (CMF) shows a decline, with Bollinger Bands volatility decreasing, which may limit the token price’s index-level growth in the short term.
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On the other hand, Ethereum chain indicators show a positive outlook, with a lower net
deposit
The total number of active wallets on exchanges has increased by 25.83%.
Demand for Ethereum in the derivatives market is also high, with a significant decrease in its supply on exchanges in the past 30 days.
Considering all these factors, Ethereum seems likely to break the $2,000 mark in the near future, although there may be a few days of little price fluctuation.
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