$ETH

Modern Technical Analysis

ETH has reached a new all-time high of ~4,960 USD, but there are warning signs in the RSI indicator suggesting weakness in momentum and that buyers of the coin may lose strength unless this level is strongly regained.

The coin has seen a strong decline from around 4,950 USD to ~4,430 USD, but it remains above the upward trend line, giving buyers a chance to push again towards potential gains.

ETH has corrected from its peak and is currently stabilizing at ≈ 4,638 USD, a decline estimated at around 3% due to profit-taking and secondary trading.

One of the "whale" investors returned to the market after a period of stagnation and bought ETH worth 28 million dollars through the Kraken platform, which gave some optimism for a possible quick recovery in a "V-shaped" manner.

The market has seen massive institutional purchases from BitMine, with expectations that the bottom may be very close (it could arrive within hours according to Tom Lee's analysis), which may establish technical support for future gains.