• Ethereum price has experienced a recent surge, reclaiming the levels it lost after the collapse of the FTX exchange.
• The bulls maintain significant dominance, but buyers prefer to remain low-key for now.
• Technical indicators like ADX & RSI, MACD have flashed a buy signal and suggest that Ethereum may consolidate for some time before entering a decisive phase.
Ethereum Makes a Comeback
The Ethereum price has been on an upswing recently, reclaiming the levels it lost after the collapse of the FTX exchange. The bulls are still in control and maintain significant dominance but buyers prefer to remain low-key for now.
The Ethereum price index is currently trading within stable conditions and is expected to rise at a slower pace due to lack of fluctuations in its dominance. Additionally, technical indicators such as ADX & RSI, MACD have flashed a buy signal which suggests that Ethereum may consolidate for some time before entering a decisive phase.
Will It Break Out?
The pressure on the ETH price is increasing as it approaches critical resistance levels above $1700. If successful, then it could break out beyond $1800 with strong support between $1650 to $1550 in case of any bearish reversal.
Is Now A Good Time To Buy?
Given all these factors, investors may be wondering whether this is now a good time to buy Ethereum? The answer lies in understanding your own financial situation and risk appetite and making an informed decision accordingly.
In conclusion, while there are signs of momentum building around the Ethereum market, it’s important to understand your own risk appetite and financial situation before making any investment decisions.