- The misperformance long shown by ETH has dragged its overall market capitalization by 17% this year.
- CoinmarketCap’s community sentiment data reveals that 80% of traders expect short-term profits, and the market remains bullish.
For a long time, Ethereum (ETH) witnessed a significant 29% profit from May 8th to May 9th. It also closed the 10-week bear market, which reached its lowest point at $1,385 on April 9th.
At the press conference, ETH has risen by 3.12%, at $2,421 over the past 24 hours and has risen by 32.12% over the past seven days. The overall market capitalization is $29.169 billion, with an overall total of $29.93 billion.
According to data from Trading View, if bullish momentum continues (for a month), ETH can test the first resistance at $3,947, followed by the second resistance at $4,420.8. Also, if the trend reverses, the asset will be the first support level of $2413.4, with the second support level of $1939.7.
It will be interesting to see if this really continues or if it leads to another test at the $2000 level. The misperformance long shown by ETH has dragged its overall market capitalization by 17% this year. This also led to reduced investor trust.
Bullish momentum builds as traders watch $3,947 resistance
CoinmarketCap’s community sentiment data reveals that 80% of traders expect short-term profits, and the market remains bullish. TradingView Technical (1 day) also suggests a strong purchase situation with a neutral oscillator and a strong purchase average.
On the other hand, short-term metrics like the exponential moving average (EMA10) are $2046.4. Similarly, the EMA 50,100 and 200 are $1,905, $2,124.9 and $2,428.3, respectively. According to Coinglass data, the token has witnessed a liquidation of $126.48 million over the past 24 hours.