- Trader Tardigrade believes the ETH’s next impulsive phase may send the price to $23818.
- The Ethereum market value rose to briefly touch $2,592.2 before a sell-off pushed it back to $2,462.3.
- Current market indicators are pointing to an overbought situation, which may result in short-term price movements.
Recently, hyperheated interest has been shown by ETH because of volatile market circumstances and increased interest from investors, despite constant favorable outlooks voiced by analysts. ETH was sharply up in the last 24 hours, but then it pulled back a bit of its gains, an indication that market players are dumping after a big impulse. Even if there are bullish signals, overbought indicators signal possible market risks according to technical analysis. Therefore, traders must remain vigilant. Trader Tardigrade suggests that Ethereum could take a major impulsive fall that may eventually send its market cap.
According to trader Tardigrade, Ethereum (ETH) has come and gone with its recent correction and recovery period and is now ready to start a new impulsive phase that could bring the price up in the next few years. Based on the long-term chart, there are repetitive cycles of corrective Tardigrade forecasts that ETH’s price can reach a notable level of $23,818, corresponding to the 2.618 Fibonacci extension, according to precedent seen in past cycles. Should Ethereum continue on the projected increasing path within the ascending trend channel, this could be the first wave of a secondary bull market.
Source: X
Current Ethereum (ETH) Price
ETH has increased by 1.48% in the past 24 hours, hitting $2,462.3 by the latest CoinMarketCap figures. ETH’s prices increased by almost $2,437.9 to cross the $2,592.2 mark before surging back down. The total market capitalization rose to $298B, the volume-to-market cap ratio stands at 10.66%, which implies high determinants between traders. The fact that 120.73 million ETH are currently in the market, and that there is no hard cap, makes Ethereum especially robust and volatile in the cryptocurrency world.
Source: CoinMarketCap
Technical Indicators Flash Mixed Signals Amid Market Volatility
An RSI value of 75.00 represented an overbought situation and prepared the ground for a short-term correction. The MACD indicator states that the MACD line has crossed upward on both the signal line and the zero line at 81.62, and accompanied by an enormous increase in trading volume 629.4K ETH which coincides with the recent price rise. Investors should be careful when observing sharp RSI changes and red candlesticks since current price rises are being absorbed in the market.
Source: TradingView
