today $BTC market is bullish | Muhammed_Ali on Binance Square

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today $BTC market is bullish

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Ethereum (ETH), $ETH the second-largest cryptocurrency, might be setting up for a strong price rally, similar to what happened back in 2017 when its price skyrocketed from around $6 to over $1,400. One key signal is a special type of candlestick pattern called a Dragonfly Doji that recently appeared on Ethereum’s monthly chart. This pattern often shows up when the market is rejecting lower prices and could be ready to turn upward. The last few times this pattern appeared—in 2016, 2021, and 2023—Ethereum saw major price increases. Analysts also point out that Ethereum is now testing a long-term support level that has historically marked the beginning of big rallies. This pattern is similar to what happened in early 2017 before Ethereum took off. On top of that, blockchain data shows Ethereum's MVR Z-Score (a metric used to spot market bottoms) is back in the "accumulation zone." In past cycles, when Ethereum entered this zone, it was usually followed by strong price increases. If the price stays strong in early May and breaks above April’s high (around $1,950), experts say Ethereum could first target $2,100, with more upside possible if momentum continues. That said, this is not financial advice—cryptocurrency markets are risky, and anyone thinking about investing should do their own research. $ETH

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$ACE bullish today

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