Ethereum has seen a lot of ups and downs over the last seven days. Regardless of these price actions, the apex altcoin continues to edge closer to the $2,200 resistance. Additionally, it is setting higher lows which may point to an impending breakout.
One of ETH biggest moves happened Wednesday as it registered its biggest surge this week. It opened trading at $1,932 and broke the $3k resistance after almost five days of exchanging below it. Although it experienced some corrections, it ended the session with gains of almost 7%.
During this period, one analyst noted what he calls a “systematic buying” pattern in Ethereum Futures. Maarten Regterschot said the main feature of this phenomenon is a noticeable increase in open interest. As at two days ago, Ethereum Futures saw an additional $700 million which indicates a strategic accumulation of the asset.
If the accumulation continues, this may positively affect the price of the cryptocurrency. An evidence of the impending surge took place last during the previous intraday session.
It opened trading at $2,062 but attempted $2,150. Based on previous price movements, the mark is one is toughest resistance and has held out against two trials. As with the previous tests, it failed.
Ethereum Will Breakout Per MACD
The Moving Average Convergence Divergence is one of the early warning signals about any potential big moves in the market. At the time of writing, it points to a significant impending bullish event that may take place in the coming days.
A closer look at the metric shows that the 12-day EMA is about to intercept the 26-day EMA from below. The phenomenon known as the bullish crossing happen within the next 24 hours which may signal a steady increase on price.
