ETH dawns with a 4.29% gain in the last 24 hours, placing with a price of $ 416.07 at the time of writing. Ethereum’s good performance is just beginning, and it could be looking for $ 550 in the next few days.
The bulls have woken up, after PayPal propelled Bitcoin above $ 13,000. Today almost the entire top 10 of the crypto market is green.
Ethereum rise was sung
Despite the DeFi ecosystem having undergone a major correction recently, ETH is still going strong, and its metrics indicate that there is good fundamentals to continue rising.
While the price of Ethereum was locked in a boring side between $ 310 and $ 380, the uptrend in the medium term continued, which was a good sign.
If we add to this on-chain metrics that indicate high transaction volume, decreased exchange deposits, and increased users, it was extremely likely that the price would explode higher.
And this is how it happened, today we see Ethereum developing a bullish momentum that still has a long way to go, with which it will easily reach $ 550, and perhaps $ 600.
3 key metrics that support the bullish scenario
Cryptocurrency chain metrics provider Santiment recently told us about the drastic decline in ETH deposits on exchanges. A 53% drop from September 1. This is taken as a very positive sign, as it indicates a decrease in selling pressure on the currency.
And despite the downward pressure steadily decreasing, the number of new users has been growing. According to data from Glassnode, another data provider, it shows us a graph with the number of addresses that have at least 0.01 ETH. Recently this metric reached a new all-time high.
With these key metrics, coupled with on-chain activity driven by a booming DeFi sector, there is no reason to think of a medium to long-term bearish outlook for this cryptocurrency.
ETH’s trading volume has tripled that of BTC, a trend that started with the rise of DeFi. According to Messari data, today there are more than $ 7,000 million that move daily in this chain.
Ethereum price is set to visit $ 550 soon
After more than a month accumulating on a small side, the break of resistance at $ 385 occurred yesterday and confirmed today, is leaving the ground clear to seek the previous annual high at $ 488.84.
But considering that we are observing the development of momentum, of the uptrend in the medium term, the previous peak will not be a relevant obstacle. For this reason, a conservative target for Ethereum as a search for a new high is $ 550.
The most relevant supply barrier below, seen on the weekly chart, is at $ 619. This can also be considered as an interesting goal for the next days / weeks.
Short term trend
The daily timeframe is where we most clearly see the range that it was locked in, and the recent escape over the top.
Thanks to this behavior, the small short-term bullish structure is confirmed, and for now the ground is completely clear up to $ 486.
Knowing if we will be seeing a running momentum from Ethereum to that goal is difficult to know exactly. But either way, it is always better to be in favor of this trend which will probably hit $ 550 in the short term.
Possible strategy: wait for setbacks to obtain the best entry prices, unless you want to take the risk of being a few hours / days in the negative, which is not really harmful if you have a medium / long-term vision.
All our publications are informative in nature, so in no case should they be followed as investment advice.