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OPUSD Optimism

1.33
-0.010 (-0.75%)
05:44:42 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Optimism OPUSD Crypto 1,669,243,753 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -0.010 -0.75% 1.33 1.33 1.33
High Price Low Price Open Price Prev. Close 52 Week Range
1.37 1.29 1.34 1.34 1.06 - 4.86
Exchange Last Trade Size Trade Price Currency
GDAX 05:49:02 0.910000 1.33 USD
Price x Volume Volume Base Symbol Related Pairs
641,735.99 485,957.79 OP OPEUR OPGBP OPBTC

Ethereum Flashes Bullish Divergence – Is A Rally On The Horizon?

01/02/2025 12:30pm

NEWSBTC


The price of Ethereum (ETH) has shown some significant change in the past day rising by 1.86%. However, according to trading data from CoinMarketCap, the popular altcoin has recorded negative growth since December 2024 despite some significant gains in the past month. Interestingly, underlying market activity points to a potential price breakout. Related Reading: Ethereum Price Spikes 5% In A Day—Will the Rally Continue? Ethereum Sees Strong Accumulation Activity Amid Price Dip Ever since touching the $4,000 price mark, Ethereum has slipped into a downtrend falling as low as $3,000. Amidst notable gains by Bitcoin in January, Ethereum continues to struggle hitting consistent lower lows during this period. However, a CryptoQuant market expert with the username Crypto Sunmoon has noted an increase in market buying volume amidst the current price dip indicating a bullish divergence in the ETH market. For context, a bullish divergence occurs when an asset’s price is making lower lows while a momentum indicator is making higher lows, thereby hinting at a potential reversal or upward movement. As for Ethereum, the increase in buying volume amid falling prices indicates a strong demand from buyers especially at the current price levels. This development further suggests a strong confidence in the asset’s profitability as investors expect buying pressure to surpass selling activity in the coming days. Based on historical data, Crypto Sunmoon predicts Ethereum may experience a price surge such as the one in May 2024 when a similar bullish divergence last occurred. During that month, ETH rose by over 21% suggesting the altcoin will likely return to $4,000 if the projected price breakout occurs, according to current market prices. Related Reading: Ethereum Price Forms Falling Wedge Pattern On 1-Day Chart That Suggests 20% Rally Is Coming ETH Long-Term Holders Signal Strong Market Confidence  In other news, IntoTheBlock reports that long-term holders of Ethereum currently boast an average holding time of 2.4 years showing massive confidence in Ethereum’s future value potential. However, Ethereum faces other issues including an absence of short-term participants which prevents ETH from experiencing significant levels of speculative trading that can drive up price appreciation. Furthermore, the rapid growth of layer 2 solutions such as Optimism, and layer 1 blockchains such as Solana are also tampering with the potential market demand and attention for Ethereum. At press time, ETH trades at $3,306 after a gain of 1.86% over the past day as earlier stated. Meanwhile, the asset’s daily trading volume has increased by 55.69% resulting in a value of $30.3 billion. On larger time frames, Ethereum is also up by 0.22% on its weekly chart but down by 2.27% on its monthly chart leaving much to desire for many short-term investors. Featured image from iStock, chart from Tradingview

1 Year Optimism Chart

1 Year Optimism Chart

1 Month Optimism Chart

1 Month Optimism Chart