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Can Ethereum (ETH) Price Outperform This Month Amidst Correction?

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The second-largest cryptocurrency, ETH, has slipped below the round mark of $3000 and is eyeing to retest its 200-day EMA mark. Nonetheless, the ETH coin trades near the bounce region and will flip the gains anytime. 

Since the beginning of 2024, the ETH price has sharply shot up and reached the top around $4000. Afterward, a healthy retracement was noted, and the price was corrected over 26% and is ready for a significant bounce.

Notably, prominent crypto analyst @JavonTM1 highlighted the Ethereum upcoming bull run anticipations and replicated their view in their recent tweet on the X platform.

In this tweet, he suggested that the Ethereum coin displayed a kind of bull flag-like structure and was ready to gain momentum. Additionally, the RSI curve replicates a hidden bullish divergence, an early indication of a reversal.

Source: Twitter

Ethereum (ETH) Poised for Rebound: Will Short Covering Triggers?

Per the price action, the Ethereum traded in the channel and remained flat on the intraday charts. If the trendline hurdle of $3000 is breached, the top altcoin will regain momentum and short covering will be triggered.

Source: TradingView

At press time, the Ethereum crypto (ETH) price traded at $2912 with an intraday surge of 0.10%, reflecting neutrality on the charts. It has a monthly return ratio of -7.28% and 60.90% yearly, replicating the short-term profit booking outlook.

The Momentum Indicator (RSI) curve stays below the midline and shows a negative crossover. However, a hidden divergence is still on the cards.

Total Value Locked is Declining, What Does it Mean?

In the last 10 trading sessions, the total value locked of the Ethereum (ETH) coin showed a downmove, noting a drop of over 8.78% to $51.12 Billion.

Source: Artemis

Futures Data Remained Stable

This week, the derivative data remained stable, and the open interest value spiked over 1.24% to $10.83 Billion in the last 24 hrs.

Source: CoinGlass

Surge In Daily Transactions

Source: Artemis

This week, Ethereum remained stable, buyers succeeded in resisting the selloff. Likewise, the daily transaction data highlighted a noteworthy surge of over 10.20% to 1.20 Million.

The immediate support levels for the ETH are $2880 and $2800, whereas the key upside hurdle is around $2970, followed by $3050.

Conclusion

The Ethereum (ETH) coin is poised for a rise and may soon retain the round mark of $3000. Amidst the downturn from the top, the market sentiments remained stable, and the ETH coin likely will come back sharply soon.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

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