The underperformance shown by ETH for a long time dragged the overall market capitalization by 17% this year.
The community sentiment data from CoinMarketCap reveals that 80% of the traders are expecting short-term gains, and the market is still bullish. After so long, Ethereum (ETH) has witnessed significant gains of 29% between May 8 and May 9. Also, it ended a 10-week bear market that reached its lowest point at $1,385 on April 9. At the press time, ETH is trading at $2,421, 3.12% up in the last 24 hours and 32.12% up in the past seven days. The overall market capitalization stands at $291.69 billion, having an overall volume of $29.93 billion.
As per the data from Trading View, if the bullish momentum continues (one-month), ETH can test its first resistance at $3,947, followed by the second resistance at $4,420.8. And, if the trend is reversed, the asset will fall to its first support level of $2,413.4, followed by the second support level of $1,939.7. It will be interesting to see if this really continues or just leads up to another test of the $2,000 level. The underperformance shown by ETH for a long time dragged the overall market capitalization by 17% this year. This has also led to a reduction in the investor’s confidence.
Bullish Momentum Builds as Traders Eye $3,947 Resistance
The community sentiment data from CoinMarketCap reveals that 80% of the traders are expecting short-term gains, and the market is still bullish. The TradingView Technicals (1-day) also suggests a strong buy situation with neutral oscillators and strong buy moving averages. While shorter-term metrics like the exponential moving average (EMA10) stand at $2,046.4. Similarly, EMA 50, 100, and 200 stand at $1,905, $2,124.9, and $2,428.3, respectively. As per the data from CoinGlass, the token witnessed a liquidation of $126.48 million in the past 24 hours.