Can Bitcoin’s recent gains help Cardano (ADA) rise in price prediction?

  • Ethereum surged by 9.2% in just 24 hours
  • The MACD and Relative Strength Index both flashed bullish signals

Ethereum [ETH] showed an upward trend on the daily chart, with a remarkable 9.2% surge in a single day. Despite this impressive increase, the technical analysis indicated that there might be some challenges ahead for the market bulls to sustain this momentum.

Additionally, Dogecoin [DOGE] experienced a 10% jump from its recent lows, contributing significantly to the positive market sentiment. However, some industry experts, like Tesla’s CEO Elon Musk, believe that the current crypto market still lacks stability and predictability. Elon Musk emphasized the need for caution and level-headed decision-making in such volatile times.

Ethereum’s price movement signals optimism

Ethereum D1 TradingView

Source: ETH/USDT on TradingView

Despite some recent setbacks, the overall price movement of Ethereum has been positive. The RSI stood at a promising 58.2, suggesting a bullish sentiment, while the price action displayed a clear uptrend trajectory with higher highs and higher lows.

Furthermore, the OBV managed to break above a key resistance level, indicating strong buying interest in Ethereum. However, the price prediction for Ethereum also raises concerns.

Highlighted on the chart above are two key levels denoted by white lines. The lower level at $2,500-$2,600 remains untested but could act as a strong barrier for the bulls in the near future.

Market sentiment remains cautious

Ethereum CoinalyzeEthereum Coinalyze

Source: Coinalyze

The Open Interest for Ethereum has shown a positive trend in May, indicating growing interest in the asset. However, the recent surge in price did not see a proportionate increase in Open Interest, suggesting a cautious approach from traders.

Discover Ethereum’s [ETH] Price Forecast for 2024-25

In conclusion, the price outlook for Ethereum remains positive, with the next target being the 38.2% extension level at $3,000. The ongoing bullish trend, backed by indicators like the MACD, reinforces the optimistic sentiment prevailing in the market.

Next: Ripple’s XRP poised for a significant breakthrough, here’s why

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