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07/17 15:10

Bullish Outlook Remains Strong Nonetheless, he ca

Bullish Outlook Remains Strong

Nonetheless, he cautioned that in the short term, Ethereum might face a slump. He noted that there is a possible correction to $2,800 now before Ethereum resumes its bullish run. The analyst pointed out that the inverse head & shoulders breakout indicates that Ethereum is likely to proceed with its upward trend in the next weeks.

CoinGlass data shows that there is intense activity within the market regarding ETH. The amount of trading has increased by 20.27% to $146.71 billion. This highlights an increased participation by investors. There has also been a 3.91% growth in open interest to a total of $47.81 billion. The ETH OI-Weighted Funding Rate is currently 0.0088%, which shows that traders are hedging towards a future increase in prices.a549543b80393952ce7b416d50d93714.AD_4nXcefHmQvSiPWZE3DE2-s7EVZup363AaC486X-gG491r4piS6kZj1NE3ULEl2OHUkUyFVWWQFB85px3Ai6UAECdGRA5fbyov0CPphssVGsenBIzOMOm7hdOd0YuVtBkmu0xp2BDn3Q.png

Analyst Big Mike mentioned that ETH currently trades at the third wave of an impulsive 1,2 series on a 30-minute time frame, which shows bullish drive. Nevertheless, Big Mike said that ETH could use a correction once it has finished the fifth wave. He has forecasted that it may be supported at about the $3,255 to $3,400 mark. Analysts continue to be optimistic and believe that ETH will perform well.a549543b80393952ce7b416d50d93714.AD_4nXepalbQ-jD8AQqhCDpxMnq8kmbF1yog_zVDOXO1aEV73O7v3sFXZqA4CFtMFTU6E33GuSIK4YAi8Ige-4RvUtCgLclGY2db3vJ_Oh5HsGZ8EihKBsu_2ewmbxQdCYsdEMErxrgZZA.png
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