Ethereum (ETH) Trending for the First Time in a Year: Report

The blockchain intelligence platform Santiment tweeted earlier today that trader speculation and optimism surrounding Ethereum (ETH) has risen due to the recent Ark Invest and 21Shares ETH ETF applications. According to the post, ETH was able to earn a spot among the top trending cryptocurrencies for the first time since its halving last year.

🥊 #ArkInvest & #21Shares are bidding for the coveted slot as the 1st spot #Ethereum #ETF. Trader speculation & optimism has been enough to make $ETH the top trending asset in #crypto for the 1st time since last year’s #halving. Explore the dashboard. 👇https://t.co/lGVq5PlPsl pic.twitter.com/werxi7qDlB

— Santiment (@santimentfeed) September 8, 2023

Meanwhile, CoinMarketCap indicated that the leading altcoin was changing hands at $1,646 after it climbed 0.63% over the past 24 hours. Moreover, the positive daily performance was also able to flip ETH’s weekly performance back into the green zone to +0.02%.

Daily chart for ETH/USDT (Source: TradingView)

From a technical standpoint, ETH’s price was able to break out of a negative price channel that had formed on its daily chart over the past 48 hours. Furthermore, the cryptocurrency continued to trade above the multi-week descending channel at press time.

If ETH is able to close today’s daily candle above the negative channel, then it will regain the support of the 9-day EMA line at around $1,646 as well. Thereafter, the cryptocurrency’s price may continue to rise to the 20-day EMA line, before potentially flipping the $1,690 resistance level into support.

A break above this significant threshold will then clear a path for ETH to continue ascending toward the next major resistance level at $1,775 in the following week. However, ETH’s failure to close today’s trading session above the negative price channel may put it at risk of correcting toward the crucial support level at $1,580 in the next few days.

The bullish thesis may be more likely to play out, however, given the fact that ETH was undergoing a bullish trend reversal. At press time, the daily MACD line was breaking away above the MACD Signal line. Furthermore, the MACD Histogram was growing more positive as well — suggesting that ETH’s price may continue to rise in the coming 24-48 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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