Ethereum

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has currently been showing signs of a potential upside move as key indicators turn bullish. This positive momentum which may be triggered by an increase in the<a href="https://bitcoinist.com/cme-ethereum-open-interest-hits-10-of-future-market-milestone/" target="_blank" rel="noopener "> market </a>buying pressure has led to a growing optimism about the digital asset’s near-term prospects. 
In this article, As ETH continues gearing up for significant gains we will be diving into the key indicators signaling this upside potential, and discuss what this could mean for Ethereum’s price trajectory. 
<h2 id="strong-technical-indicators-key-signals-pointing-to-an-upside-move-strong">Technical Indicators: Key Signals Pointing To An Upside Move</h2> 
Currently, the price of ETH on the 4-hour chart with bullish momentum is attempting a move toward the 100-day Simple Moving Average (SMA) and the 4-hour bearish trendline. The digital asset has been able to maintain its bullish sentiment since breaking above the $3,051 mark. As a result of this price stability, Ethereum could start up a potential rally toward the $3,360 resistance level. 
<img loading="lazy" decoding="async" class="size-large wp-image-310155" src="https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM.jpeg?w=980&amp;resize=980%2C451" alt="Ethereum" width="980" height="451" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM.jpeg?w=1600 1600w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM.jpeg?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM.jpeg?w=980&amp;resize=980%2C451 980w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM.jpeg?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM.jpeg?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
Also, the formation of the 4-hour Relative Strength Index (RSI) suggests that ETH’s price may start a bullish move toward the $3,360 resistance level as the signal line of the RSI indicator has been maintaining its bullish sentiment above 50% and is currently rising toward the overbought zone. 
On the 1-day chart, although the<a href="https://bitcoinist.com/ethereum-price-investors-60-7/" target="_blank" rel="noopener "> price of ETH </a>is still trading below the 100-day SMA and bearish trendline, it can be observed that the crypto asset is attempting a bullish move toward the $3,360 resistance level. 
<img loading="lazy" decoding="async" class="size-large wp-image-310157" src="https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM-1.jpeg?w=980&amp;resize=980%2C451" alt="Ethereum" width="980" height="451" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM-1.jpeg?w=1600 1600w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM-1.jpeg?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM-1.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM-1.jpeg?w=980&amp;resize=980%2C451 980w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM-1.jpeg?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM-1.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-13-at-11.17.25-AM-1.jpeg?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
Following the cross above $3,051, Ethereum has been showing bullish resilience thereby keeping its pace above this level. With this recent bullish momentum, if ETH could break above both the bearish trendline and 1-day SMA, the digital asset could potentially start a bullish rally. 
Finally, on the 1-day chart, a careful examination of the formation of the 1-day RSI reveals that ETH could sustain its bullish rally above the 1-day SMA and the bearish trendline toward the $3,360 resistance mark as the signal line of the indicator has moved out of the oversold zone and is heading to 50%. 
<h2 id="strong-assessing-ethereum-s-upside-potential-strong">Assessing Ethereum’s Upside Potential</h2> 
If <a href="https://bitcoinist.com/ethereums-price-just-formed-a-pivotal-bullish-breakout/" target="_blank" rel="noopener ">Ethereum</a> starts up a rally toward the $3,360 resistance level and closes above, it may continue to move upward to challenge the $3,659 resistance. When this level is breached, the digital asset may experience a further price increase toward the $3,975 resistance level and possibly other levels above. 
However, should ETH encounter a pullback at $3,360, it will start to decline toward the $3,051 support level. Additionally, the crypto asset may see further price decline to challenge the $2,865 support target and perhaps other levels below if this level is broken. 
ETH’s price is currently trading at around $3,156 and has increased by 2.73% in the past day with a market capitalization of over $379 billion and a trading volume of over $11 billion as of the time of writing. There has been a 24-hour increase of 2.77% in its market capitalization and a 27.64% decrease in trading volume. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/x65AUAwd/" alt="Ethereum" width="2283" height="1265">

Ethereum Gears Up For Gains: These Bullish Indicators Signal Potential Upside

Table of Contents

Bitcoinist

Other articles published on Jul 13, 2024

Bitcoin ETFs Attract Over $310 Million

Analysts Predict MoonBag Meme Coin to Reach $1, Outperform Mog Coin And Bonk

Top Crypto Presale in 2024: MoonBag Kicks BlastUP and FETCH AI Out of the Crypto Game

Arthur Hayes' Wake-Up Call to Crypto Voters: Demand Action, Not Words

Distributed Ledger Technology and Consensus Mechanisms

Understanding Blockchain Networks and Nodes

Join our free newsletter for daily crypto updates!