Ethereum can break out from its falling wedge pattern soon – Is this a sign of a bull rally, or something else?came back on track on the 6th of May as its price once again crossed $3.1k. While the token crossed the psychological resistance, it also consolidated inside a bull pattern.Last week was not in investors’ best interest as the king of altcoins’ price plummeted to $2.8k. However, the token gained bullish momentum on the 1st of May as its price moved up steadily.
In the meantime, World of Charts, a popular crypto analyst, recently posted a tweet highlighting a falling edge pattern on ETH’s chart.A successful breakout from the falling wedge pattern could lead to a 45%-50% price rise in the coming weeks. Predicting Ethereum’s price, it might as well surpass its March high if a bull rally happens.AMBCrypto then analyzed Ethereum’s on-chain metrics to see whether they supported the possibility of a breakout.
Notably, ETH’s Network To Value ratio registered a downtick after a sharp increase. A drop in the metric means that an asset is undervalued.Our analysis of Santiment’s data pointed out a few other bullish metrics. For instance, ETH’s MVRV ratio improved over the last week. Its Network Growth was also high.pointed towards a sell-off.
As per our analysis, ETH’s Relative Strength Index registered an uptick and had a value of 49.7, suggesting that the chances of an upward price movement were high.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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