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Ethereum price has regained important technical levels relative to Bitcoin after rising above its 50-week moving average, an indicator previously associated with the start of an uptrend.
Ethereum is currently trading near $3,400 with daily and weekly stability of 5%.
Chart data shows that in previous cycles, above this average has been preceded by a strong upward wave, while above this average in 2018 and 2022 has resulted in a long-term decline.
Analysts believe that stabilization above this level could signal the beginning of a new positive phase.
Another technical analysis also suggests that if the price sustains the $3,000 level, a buy zone is likely to form between $3,336 and $3,400, with potential targets between $5,900 and $7,200.
In the short term, the four-hour chart shows that a breakout of a descending wedge pattern near $3,560 could open the way to levels near $4,415, with resistance expected near $3,790.
Meanwhile, some 413,000 Ethereum was withdrawn from Binance in a single day, the largest outflow since February, and these moves are generally seen as signs of increased long-term holdings.
Also read:
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