Ethereum is receiving a lot of attention over the last three days. During this period, there was a mix of both bullish and bearish sentiments. Nonetheless, the asset surged to a new high and had one of its biggest surges during the timeframe under consideration.
During the previous intraday session, the largest altcoin attained its highest in more than five months. It opened at $1,675 and surged to a high of $1,742. However, it failed to hold on to this support as it faced strong rejection. As a result, it dipped and closed at a low of $1,632.
Ethereum ended the period with losses of more than 2%. February 15 was another notable period for the asset. It opened at $1,556 and peaked at $1,680 but closed a little lower. It gained more than 7% during this period.
This increase had an adverse effect on indicators. Most of them were bearish but are looking promising at the time of writing. Let’s go over ETH prospects in the coming days.
Ethereum had a Bullish Convergence
A look at the charts offers several bullish prospects for the asset. The first indicator to consider is the Moving Average Convergence Divergence. Both the 12-day and 26-day EMA are in contact in an event called the bullish convergence. Following this phenomenon, we may expect an impending divergence.
This may be a sign of more increases. Another metric that agrees with MACD is the Relative Strength Index. It is currently at 58; an indication of improved buying pressure. It was at 44 at the start of the week.
On-chain shows several entities stocking up on the asset. An unknown entity has received more than 2000 ethereum units over the last three days and is HODLing. If current market trends remain constant, ETHÂ may retest $1,800.
Over the last two days, it maintained the $1,600 support and may reclaim $1,700 in the next few days. Afterward, the $1.8k resistance may flip.
