The price of Ethereum is trying to join the upward wave and is testing the $2100 level.
Cryptocurrencies experienced a strong recovery over the past week, with the price of Bitcoin rising by 5% to reach $88,500, while the price of Ethereum surpassed the $2100 mark for the first time in two weeks.
Afterward, the market retreated to its current levels, with Bitcoin trading at $87,000 while Ethereum is at $2000.
The rise in cryptocurrency prices is supported by increasing positive sentiments on social media, as investor sentiment towards Bitcoin reached its highest level since February 14, while Ethereum showed increasing upward momentum.
However, the IFP measure for Bitcoin, which measures liquidity flows, is still below its 90-day moving average, indicating a lack of strong bullish reversal.
Additionally, the CQ market cycle indicator remains in a bearish zone, raising questions about whether this rise is just a natural correction or the beginning of a deeper downward trend.
As for the MVRV index, it is still below its 365-day moving average, a pattern seen previously in August 2024, when Bitcoin faced strong selling pressure before regaining its balance.
Moreover, the NUPL index, which reflects net unrealized profit or loss, is still below its moving average,
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