The cryptocurrency market is still suffering from the FTX trading crisis, as most of the assets are trying to curb massive losses. Amidst this chaos, Ethereum (ETH) stands out with significant gains as investors look forward to the next price action.
In this context, said Bloomberg Intelligence commodity strategist Mike McGlone advertiser He said in a tweet on November 10 that the $1,000 level could be a critical support position for the asset, noting that Ethereum represented a financial market revolution in the crypto sector.
“$1,000 in Ethereum could be a leading indicator of crypto support — more of a financial market revolution taking place in cryptocurrencies similar to the rise of futures and exchange-traded funds, and supporting Ethereum around $1,000 could be key,” McGlone said.
Amidst the market volatility, McGlone stated that Ethereum’s recent move to Proof-of-Stake (PoS) mode after the merger upgrade has provided some “movement” for the decentralized financial token (DeFi).
McGlone also compared the growth trajectory of Ethereum to Bitcoin (BTC), noting that the two assets showed different strengths.
Ethereum is increasing by two digits
The strategist’s point of view comes as Ethereum is up over 14% in the past 24 hours. At press time, the cryptocurrency is trading at number two by market capitalization at $1,300, encouraged by a new US Consumer Price Index (CPI) report that showed better-than-expected results for the month of October.
Prior to the recent decline, Ethereum attempted to stabilize above the $1,500 level, while the community maintained a bullish outlook for the asset. As reported by Coinphony, the crypto community CoinMarketCap has predicted that Ethereum will be trading at an average price of $1,537 on November 30, 2022.
Technical Analysis of Ethereum
From a technical analysis perspective, Ethereum remains very negative. The technical indicators summary is in line with selling at 15 while the moving averages are “strong sell” at 13. As for the oscillators, they are set with neutrals at six for the intraday scales.
Meanwhile, recent gains by Ethereum have partially contributed to buying pressure in the cryptocurrency market after a massive sell-off in the wake of the FTX saga.
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Beyond Ethereum Pumps 14% in 24 Hours – What’s Next for ETH? It first appeared on Coinphony.