On 5 April, investors awoke to good news as the crypto market turned bullish, allowing various cryptocurrencies to drive their values higher. Ethereum [ETH] was riding the market trend, crossing the $1,900 level. Ethereum has risen beyond $1,870 for the first time since August 2022, raising prospects for future gains.
According to CoinMarketCap statistics, ETH has increased by more than 5% in the previous 24 hours and during the last seven days. It was trading over the $1,900 mark at the time of writing, at $1,910.97, with a market capitalisation of more than $230 billion. Given the current market circumstances, the crypto community anticipates that Ethereum will soon surpass the $2,000 barrier.
A check at ETH’s daily chart revealed that the bulls were poised to drive the cryptocurrency monarch even higher. The Exponential Moving Average (EMA) Ribbon, for example, suggested a buyer’s edge in the market since the 20-day EMA was significantly higher than the 55-day EMA.
The Money Flow Index (MFI) for ETH was heading higher from the neutral level, which was also a positive indication. The Chaikin Money Flow (CMF) indicator, on the other hand, did not follow the bulls’ lead and fell. The Bollinger Bands were also troubling, revealing that the price of ETH was approaching a less volatile zone, which might limit the token’s price from expanding rapidly in the short run.
Though the Bollinger Bands indicated that investors might expect a few dull days, Ethereum’s on-chain indicators revealed a different tale. When compared to the 7-day average, ETH’s net deposits on exchanges were minimal, indicating that the token was not under selling pressure.
Furthermore, compared to the previous day, the total number of active wallets used to transmit and receive bitcoin climbed by 25.83%. Furthermore, according to Santiment’s data, ETH’s weighted sentiment has increased in the previous month, indicating investor trust in the cryptocurrency. This was accomplished despite the network recently being the subject of an assault in which the attacker stole a significant quantity of ETH by interfering with MEV bot transactions.
The demand for Ethereum in the futures market was also robust, as seen by its Binance financing rate. Another encouraging measure was the decrease in supply on exchanges over the previous 30 days.
