Ethereum (ETH) Finally Gained Bullish Momentum, Might Be Getting Ready to Reach New Highs by EOY

Ethereum [ETH] finally gained bullish momentum at press time. If the latest data is to be considered, then ETH might be getting ready to reach new highs by the end of this year.

Ethereum [ETH] price has finally started to rise. According to the latest data, ETH may be poised to reach new highs by the end of the year.

Let's take a closer look.

Ethereum will skyrocket soon

According to CoinMarketCap data, ETH price has increased by more than 2% in the last seven days. The token price has increased by more than 3% in the last 24 hours.

At the time of writing, ETH was trading at $3,488.88 with a market value of $419 billion. According to IntoTheBlock data, only 10% of ETH investors lost money with the recent price increase.

As a bullish formation appears on the ETH chart, things may get even better for the token. Popular crypto analyst World of Charts recently made a post highlighting the bullish falling wedge formation.

ETH price started to consolidate within this formation in May and was at the breakout point at the time of writing.

ETH has bounced back from the upper bound of the chart several times before. It is worth mentioning. However, World of Charts said that there is still a possibility of skyrocketing.

If this happens, investors can see the token reaching new highs by the end of the year.

Source: He examined ETH metrics to better understand what he expected. We saw that the selling pressure on the token increased.

When we analyzed Centiment data, we saw that Ethereum's Exchange Entry skyrocketed last week. Additionally, its Supply on the Exchange has also increased, which means investors are selling the token.

Whales trust the token because the supply of ETH held by top addresses has increased.

Source: Santiment

Several market indicators also looked optimistic. For example, the MACD is showing a bullish crossover.

At press time, the Relative Strength Index (RSI) has also recorded an increase and was moving towards the neutral zone.

Also, Chaikin Money Flow (CMF) has followed a similar bullish trend, which indicates the possibility of an upward movement in prices. It shows that it is high.

If this happens, investors may see ETH reach $3,895 in the coming days. However, if things turn bearish, ETH could drop as low as $2,877.

Source: TradingView

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