$ETH

Ethereum (ETH) is showing signs of a potential recovery in the next 24 hours, despite a recent 1% drop that brought its price below $1,750. This decline was mainly driven by increased selling pressure on exchanges. Nonetheless, on-chain data highlights a strong accumulation trend, with addresses purchasing 1.11 million ETH, signaling growing investor confidence.

Technical analysis reinforces this positive sentiment. ETH has climbed above its 21-day exponential moving average (EMA), a level typically linked to bullish trends. The Relative Strength Index (RSI) has also moved above its 14-day simple moving average, while the MACD histogram has shown steady growth for the past 11 days, according to MarketTalkz.

Broader market sentiment remains optimistic, as Bitcoin holds firm above $93,000, reflecting overall crypto strength. Additionally, industry leaders like Justin Sun foresee Ethereum reaching $5,000 in the near future, pointing to factors like the upcoming 10th anniversary of the network and proposed changes to reduce ETH supply.

In the short term, ETH is expected to challenge resistance between $1,800 and $1,850. Should buying momentum and accumulation continue, the coin may break through these levels, paving the way for additional gains. On the other hand, a dip below the $1,750 support could trigger a retest of the $1,700 level.

Traders are advised to keep a close eye on these critical price levels and indicators, as they offer valuable insights into Ethereum’s near-term direction. Although current data leans bullish, rapid changes in market conditions call for careful and ongoing monitoring.