The ETH/BTC pair is currently exhibiting a bullish pattern on the monthly timeframe, hinting at a potential positive price movement. As more traders adopt a bullish outlook, buying activity is gaining momentum in the market.
Despite Ethereum’s lackluster recent performance, with a sharp decline from $4,100 to $3,200, a new bullish pattern has emerged. This high-probability setup suggests that sellers may soon lose dominance as buyers enter the market to drive prices higher.
The ETH/BTC pair is displaying signs of a potential rally with the formation of a symmetrical triangle pattern on the monthly timeframe. The price is currently trading near the bottom of the pattern, at the support level, indicating the possibility of a significant upward move. If this pattern plays out, ETH could rally towards key levels at 0.0540, 0.0859, and 0.1202, making it more expensive to buy 1 ETH with BTC.
As ETH trends higher towards these levels, it will positively impact the ETH/USDT price, which is currently at $3,200. If the rally materializes, ETH has the potential to reclaim previous highs around $4,000 and continue its upward trend.
Sellers in the market are showing signs of losing steam, with the RSI approaching the oversold region and the CMF indicator trending back towards positive territory. This fading selling pressure suggests a potential market reversal and an increase in asset value as buyers regain control.
Data from CryptoQuant indicates a surge in the accumulation of Ethereum, with a significant increase in the number of addresses holding ETH for the long term. These addresses now account for 16% of the total supply, up from 10% in August, signaling growing confidence among investors and the potential for a substantial price rally.
Overall, the accumulation trend, along with the bullish patterns and indicators, suggests that ETH could be poised for a significant upward move in the near future. Investors should keep a close eye on key levels and market developments to capitalize on potential opportunities in the market. The rise of sustainable fashion in the fashion industry has been a long time coming, but in recent years, it has gained significant momentum. With increasing awareness about the environmental and social impact of fast fashion, consumers are now more conscious about the clothes they purchase and the brands they support.
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