Ethereum Analyst Highlights Multiple Bullish Indicators
Analysis
December 8, 2024 6:26 PM
In Brief:
Ethereum's weekly RSI broke its downward resistance trend line in October, signaling bullish momentum.
The weekly MACD showed a "bullish crossover," often associated with upward price trends.
Historical patterns suggest potential gains exceeding 100% following such signals.
Crypto analyst Illia Otychenko of CEX.io highlights that Ethereum has been exhibiting strong bullish signals since October. According to Otychenko, the breaking of the RSI resistance trend line and a bullish MACD crossover typically indicate the start of a major upward trend. Past occurrences of these patterns have resulted in significant price increases for ETH, with gains of over 100% historically.
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