ETH Bullish Run: Strongest Momentum in Three Years, Surge to $5,000 Predicted

IconCryptoNewsTerminal Staff23 May, 2024

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ETH Bullish Run: Strongest Momentum in Three Years, Surge to $5,000 Predicted

Ethereum (ETH) is experiencing exceptional bullish momentum, reaching its strongest levels in three years. Its momentum indicator, measuring price changes over the past 10 days, has hit 880, surpassing levels seen in May 2021. The Relative Strength Index (RSI) is also above 70, further supporting this positive trend. ETH is currently facing resistance at $4,090, its previous high in March, and $4,690, its 2021 bull market peak. Options traders on Lyra, a decentralized options trading protocol, anticipate a surge in ETH's price, projecting it to reach $5,000 by the end of Q2. At the time of writing, ETH is trading at $3,823.21, reflecting a 2.30% increase. This bullish momentum suggests the potential for further price gains, supported by technical indicators and market sentiment.

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