Ethereum (ETH) Investors Remain Bullish on Recovery Amid Market Downtrend

Monday, 13 May 2024, 12:00
Ethereum investors are holding onto their holdings, signaling a potential recovery despite bearish market influences. Active deposits are decreasing, and net unrealized profit/loss remains above 0.4, indicating investor optimism. The price is currently around $2,973, awaiting a breakout to $3,280 for a bullish trend or a dip to $2,600 for a bearish scenario.
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Ethereum (ETH) Investors Remain Bullish on Recovery Amid Market Downtrend

Ethereum (ETH) Investors Push for Recovery Amid Bearish Cues

Ethereum price is presently reeling from the ongoing downtrend that brought the second-biggest cryptocurrency below $3,000.

Ethereum Investors Show Bullishness

  • Active Deposits: The decline in active deposits indicates ETH holders are hesitant to sell at the moment, showing reduced bearish sentiment.
  • Net Unrealized Profit/Loss: Despite profit decline, NUPL above 0.4 signifies investor confidence in a recovery, often leading to significant rallies.

Currently priced at $2,973, Ethereum awaits a breakout above $3,000 for a bullish move towards $3,280 or a potential bearish dip to $2,600.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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