Ethereum (ETH) seems to have bottomed out after severe losses earlier this week and is poised for a bullish performance. Traders await a breach above $3200 to confirm a strong bullish trend.
On-chain analysis reveals a strong upcoming gain as the ratio of the on-chain transaction volume in profit and loss indicates panic selling at the bottom.
Ethereum (ETH) Price Rallies Strongly From Bottom
The Ethereum (ETH) price has risen strongly after bottoming out at $2960, according to Santiment, an on-chain analytics company. The Ethereum on-chain transaction volume in profit/loss ratio data is in the bullish zone after three days of capitulation. Moreover, the price indicates a strong upcoming rising trend as it stabilizes above the $3100 level.
“Ethereum‘s market value is back above $3,100 after bottoming out at $2,960 to start the week. Our new ‘Ratio of On-Chain Tx. Volume in Profit/Loss’ ratio revealed that ETH traders were selling at the bottom, a solid sign of an upcoming bounce.”
Thus, the on-chain indicates a strong bullish trend above the $3100 level.
The Ethereum (ETH) price action has also risen from the $2950 level. In addition, the price remains above $3000 as it moves upwards in the ascending channel. The next resistance level is $3188, but a confirmation above $3200 will bring a significant move in the upcoming days.
Furthermore, as ETH develops a new support level at $3030, the retest of the ascending triangle pattern ascertains a bullish recovery. Thus, a strong trend can be predicted in the coming days until Ethereum breaks through the newly formed support level.
ETH 2.0 Upgrade Postponed to Q3
The much-anticipated switch to proof-of-stake has been postponed until the third quarter of the year (PoS). Ethereum core developer Tim Beiko said that the merge of Beacon Chain and Ethereum mainnet will be scheduled for after July of this year. However, the cause for the delay isn’t clear yet, as the “shadow fork” was successfully tested by the team.
