Top Reasons Why Ethereum is a Must-Buy For 2x Gains in 2024
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Popular analyst Eric Krown Crypto recently discussed Ethereum’s remarkable performance, pointing out its surge above the $2500 mark as a significant milestone. Krown, known for his in-depth technical analysis, expressed positivity about Ethereum’s ongoing rally, particularly stressing its strength on higher time frames.
Ethereum’s Rise and Technical Analysis:Krown noted Ethereum’s impressive performance, particularly on the daily and weekly charts. He pointed out Ethereum’s tendency to print consecutive green candles, a sign of strong bullish momentum. According to Krown, Ethereum’s recent run, which began on February 5th, has seen a pattern of three green candles followed by a red one, and now potentially three green candles again. This suggests short-term resilience despite the possibility of minor pullbacks.
Key Technical Indicators:The analyst spoke about several key technical indicators supporting Ethereum’s bullish outlook. However, he stressed the bullish cross between the 21-day and 200-day moving averages, a rare occurrence indicative of long-term strength. Additionally, hidden bullish divergence between November and January lows signaled underlying bullish momentum.
On the daily chart, Ethereum has already surpassed the 50% historic returns range highs, indicating further potential upside. Despite short-term volatility, Krown believes Ethereum’s momentum remains intact, especially with low volatility readings and bullish signals on both the 5-day and weekly charts.
Long-Term Perspective:Krown considered Ethereum’s strong position on longer time frames, particularly on the monthly chart. He explained the significance of Ethereum reclaiming the median of the HPDR bands, suggesting potential for further upside. If Ethereum can maintain its current levels throughout February, Krown anticipates a move toward the low $3000s.
Eric Krown remains bullish on Ethereum’s prospects, expecting continued upside momentum in the near and long term. While short-term pullbacks are possible, especially around the $2500 level, Krown sees them as opportunities for further gains.