Ethereum (ETH) is once again attracting investor attention due to a fresh crossover on the monthly MACD indicator, which could indicate potential market changes.
MACD Crossover on Monthly Chart
Ethereum has printed a fresh crossover on the monthly MACD indicator, which some analysts view as a potential turning point. Crypto trader Merlijn The Trader referred to the move as a "monster ignition" and noted the completion of a multi-year consolidation phase.
Support and Technical Basis of Ethereum
ETH recently bounced from its 50-day exponential moving average, which now acts as support around $4,164. The ability to hold above this level confirms active buying. Notably, the price is also positioned above all major EMAs (20, 50, 100, and 200), providing a strong technical foundation.
Current Trends and Market Conditions
The daily RSI sits at 52, indicating a balance between buying and selling pressure. As of now, Ethereum is priced around $4,360, up 1% in the last 24 hours, despite a slight weekly decline. Trading volume over the last day is $30.36 billion.
Current trends suggest strong support for Ethereum and recognition among traders, which may signal a potential rally similar to the events of 2020.
