Ether (ETH), the second largest cryptocurrency of market value, recently lowered at its weakest price compared to Bitcoin (BTC) since the end of 2020 in a trade war -driven panic accident, but a relief tray may be on the horizon.
“ETH seems to try to establish some bullish momentum and could be looking to finally make an improvement back over $ 3,000,” said LMAX strategist Joel Kruger in a Tuesday morning report. “Feeling towards the world’s second largest crypto asset has been back on the rise with many medium and long-lasting players who stepped in to take advantage of the recent dip,” he added.
“ETH seems to try to establish some bullish momentum and could be looking to finally make an improvement back over $ 3,000,” said LMAX strategist Joel Kruger in a Tuesday morning report. “Feeling towards the world’s second largest crypto asset has been back on the rise with many medium and long-lasting players who stepped in to take advantage of the recent dip,” he added.
Ether’s Relative Strength Index (RSI), an important technical indicator representing momentum dropped to nearly 35%, predicting a rebound in several previous occasions from similar oversold level, Crypto Analytics Firm 10x research in a report.
The upcoming pectra upgrade planned for March could also give a “modest wave of hype” in the next few weeks, the report added. Wednesday’s US CPI Inflation Report, if it arrives in accordance with analyst forecasts of 2.9% or lower, can also increase crypto market mood and fuel ETH higher, the report said.
Ether is currently struggling with key resistance of about $ 2,650, and a breakout could see prices climb to the next level of resistance of about $ 3,000, 10x research analysts said.
Read more: Ether is underpinned, but the total value that is locked on Ethereum increases: CITI
ETH throws 20% of its value over the past month as Border ALTCOIN market bleeding against Bitcoin, which consolidated sideways in a narrow range of $ 100,000 level. The second largest crypto was recently down by 1.5% over the last 24 hours of $ 2,644, and a rebound from the current levels to $ 3,000 would translate into a 13.5% gain.
