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Ethereum's Price Increase Indicates End of Massive Decline

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Ethereum,Altcoin,Price Decline

The price of Ethereum, the king of altcoins, has shown an increase in the last 24 hours, suggesting a possible end to the recent price decline. Analysis indicates that Ethereum may regain its lost value and turn bullish. Despite a crash in the crypto market, Ethereum is currently trading at $3,257.33 with a market capitalization of over $391 billion. Other bullish metrics include an increase in active addresses and transaction count, as well as a green Funding Rate indicating dominance of long-position traders.

massive price decline seemed to have come to an end as the king of altcoin’s price increased in the last 24 hours.

The downtrend pushed the king of altcoins’ price under $3k, which raised alarms and caused panic among investors.At press time, it was trading at $3,257.33 with a market capitalization of over $391 billion.Upon further analysis, we found quite a few other bullish metrics. For example, the token’s active addresses increased by 12%. Meanwhile, its transaction count also surged by nearly 10% compared to yesterday.

The Money Flow Index also followed a similar trend, hinting at a continued price increase. ETH’s price rebounded from the lower limit of the Bollinger Bands, further suggesting that the bull rally might continue.

 

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