Renowned analyst and technical expert CryptoBusy recently highlighted some intriguing patterns in Ethereum’s market behavior. He pointed out an Ascending Triangle on both the weekly and daily charts of Ethereum. This pattern often signals buyers are showing increased interest as the price continues to lower.
CryptoBusy emphasized that there is a consistent level at which sellers are preventing the price from rising further. This level indicates a period of consolidation and market indecision, typically preceding a potential breakout. This suggests that the market is in flux, with buyers and sellers vying for control, and the outcome could have significant implications for Ethereum’s price trajectory.
Watch out for this #Ethereum $ETH Ascending Triangle on the weekly and daily charts!🚨
This suggests that buyers are becoming increasingly interested in $ETH as the price keeps making higher lows.
However, there's a level at which sellers are consistently holding back the price… https://t.co/aytrrM0tSn pic.twitter.com/gl7OohivTq
— CryptoBusy (@CryptoBusy) September 25, 2023
Moreover, CryptoBusy shared his strategy for navigating this market scenario. He advised waiting for a clear breakout on the lower time frame green trendlines for those interested in intraday trading. This would indicate a potential upward momentum. He also mentioned that Ethereum below $2,000 is still a mega sale, and he plans to take advantage of this opportunity.
Additionally, Ethereum network fees have reached their lowest point in 2023, citing information from Santiment. Historically, it has been observed that as the cost of circulating Ethereum decreases, its utility tends to rise. This increased utility could contribute to the recovery of market capitalization levels, potentially leading to a more robust and resilient market.
Significantly, reducing network fees enhances the overall utility of Ethereum. When the cost associated with transactions and interactions with the network decreases, it becomes more accessible and appealing to users. This could drive increased adoption and demand, potentially positively impacting price levels.
According to data from CoinMarketCap, ETH is currently trading in a negative trajectory, where ETH has recorded a price dip of 1.09% and is currently trading at $1,576.19. Ethereum has recorded intraday highs of $1,600.21 and intraday lows of $1,566.93. However, increasing trading volume offers a glimmer of hope to traders and investors, indicating that a price reversal is imminent.
