Ethereum Soars to $3,300 Signifying Potential Momentum Shift in Cryptocurrency Market

In a refreshing surge of activity after periods of stagnancy, Ethereum, the world’s second-largest cryptocurrency by market capitalization, soared to an impressive $3,300 over the past weekend. This surge is presumed to entice a momentum shift within the digital token, an observation added weight by several bullish signals pulsating across its financial chart.

In the annals of crypto analytics, Derek’s recent insights sparked avid interest from investors and observers alike. In a post on the social platform, formerly known as Twitter, he illuminated on the subtle, yet definitive, signals emanating from Ethereum’s Moving Average Convergence/Divergence (MACD) indicator. Derek’s keen eye discerned that these indications pointed towards ending the recent price dip and pivoting in an upward direction.

⭐ Follow us on Google News! ✔️

Strengthening his argument, Derek drew significant attention to the Ethereum Dominance chart. The chart, under careful examination, had confirmed three bottoms and spurred a robust rebound. In his detailed analysis, Derek emphasized that “If a rebound is lead after confirming bottom thrice, it essentially translates to rendering further declines unnecessary and highly unlikely”. What’s even more fascinating is that Ethereum’s rebound did not coincide with a surge in investment volume.

This seemingly unusual incident is credited to the heightened activity of individual investors, as compared to their institutional counterparts who exercise caution with their portfolio during such volatile periods. This explanation casts light on Ethereum’s recent resurgence, with Ethereum whales like Justin Sun significantly contributing to this boost.

NewsBTC, a reputed cryptocurrency news platform noted that a wallet, rumoured to belong to the TRON founder, made a significant investment, purchasing $405 million worth of Ethereum recently. Since February 12th, this wallet, along with another assumed to be under Sun’s ownership, have amassed an impressive $891 million in Ethereum.

On the topic of bullish signals for Ethereum, another well-known crypto analyst, Trader Tardigrade, reported that Ethereum manifested a favorable breakout to a descending trendline on the daily chart of its Bitcoin pair. The crypto token’s Relative Strength Index (RSI) also exhibited a remarkable breakout from a symmetrical triangle. According to Tardigrade, the RSI value currently stands above 50, an indication viewed as bullish within the crypto milieu.

In line with these indicators, Tardigrade deemed it “Ethereum’s time”, hinting the altcoins are whizzing towards the moon as Ethereum began its parabolic move upward. This sentiment was echoed by Derek and Crypto Prof who chimed in, stating that Ethereum’s rise will result in other altcoins climbing as Ethereum trades remarkably high in the upcoming months.

Even earlier, Crypto expert Michaël van de Poppe prognosticated a shift towards Ethereum’s direction, expecting the crypto token and other altcoins to flourish once the Bitcoin halving hype has run its course.

At the time of writing, Ethereum is hovering around $3,170, slipping just over 1% in the last 24 hours, as per CoinMarketCap data. Irrespective of fluctuations, Ethereum stays above $3,100, its price chart saturated with positive inclinations, sparking a renewed sense of interest amongst cryptocurrency enthusiasts and traders worldwide.