{"id":295591,"date":"2023-03-06T23:00:53","date_gmt":"2023-03-06T17:30:53","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=295591"},"modified":"2023-03-06T18:52:04","modified_gmt":"2023-03-06T13:22:04","slug":"ethereum-eth-could-be-set-for-another-round-of-explosion-only-if","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-eth-could-be-set-for-another-round-of-explosion-only-if\/","title":{"rendered":"Ethereum [ETH] could be set for another round of explosion, only if\u2026"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">ETH\u2019s short-term recovery could depend on the USD and interest rates trend.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Technical indicators suggest short-term consolidation.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The first few days of March have failed to give <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\"> holders a much-desired breather. Despite the reality of despair, any hope for respite could depend on one condition, according to Chris Burniske. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ex-crypto investment head at ARKInvest opined that ETH, alongside <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\">, would only recover if the dollar and interest rates drop.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">For much of February the dollar and rates went higher, while crypto hung in there. If the former two start to drift lower, <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> could push through $25K, and if <a href=\"https:\/\/twitter.com\/search?q=%24ETHBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETHBTC<\/a> pushes alongside that we could get another round of fireworks.<\/p>\n<p>&mdash; Chris Burniske (@cburniske) <a href=\"https:\/\/twitter.com\/cburniske\/status\/1632438288543027200?ref_src=twsrc%5Etfw\">March 5, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ETH\u2019s market cap in BTC\u2019s terms<\/span><\/a><\/p>\n<hr \/>\n<h3><b>Striving for stronghold<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Recall that the first two months of the year brought glaring greens to the market, with the top two cryptocurrencies earning gains for their holders.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, the <\/span><a href=\"http:\/\/ambcrypto.com\/why-bitcoin-btc-may-enter-a-new-bull-ladder-despite-feds-resolve\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Fed rates increase<\/span><\/a><span style=\"font-weight: 400;\"> in February had initially triggered reds in the market. But ETH, led by BTC ensured that the drawdown only lasted a few hours. So, does the ETH technical outlook appear encouraging yet?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, the ETH\/USD daily chart showed that the asset volatility was exiting its long-standing contraction status at press time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the lower part of the Bollinger Bands (BB) which measures an asset\u2019s volatile condition was at par with the ETH price. <\/span><span style=\"font-weight: 400;\">Since the bands did not squeeze, this status indicates that ETH was oversold and had fewer chances of a significant breakout.<\/span><\/p>\n<figure id=\"attachment_295594\" aria-describedby=\"caption-attachment-295594\" style=\"width: 1587px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-06_08-54-19.png\"><img decoding=\"async\" class=\"size-full wp-image-295594\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-06_08-54-19.png\" alt=\"ETH price action\" width=\"1587\" height=\"877\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-06_08-54-19.png 1587w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-06_08-54-19-300x166.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-06_08-54-19-1024x566.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-06_08-54-19-768x424.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/ETHUSD_2023-03-06_08-54-19-1536x849.png 1536w\" sizes=\"(max-width: 1587px) 100vw, 1587px\" \/><\/a><figcaption id=\"caption-attachment-295594\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, the Directional Movement Index (DMI) suggested that the altcoin might not be ready for a rally, and the condition mentioned above could be instrumental.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was because the -DMI (red) positioned higher than the +DMI (green) at 20.71 to 18.60. Moreso, the chart above revealed that the Average Directional Index (ADX) had no strong support for either a breath or bullish move. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ADX (yellow) at 25, indicated a strong directional movement while a value below it shows a weak one. At the time of writing, the ADX was 14.90.<\/span><\/p>\n<h3><b>Portfolios hang in the balance<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Apart from the downside projection of the technical indicators, the <\/span><a href=\"http:\/\/ambcrypto.com\/ethereum-eth-traders-embrace-higher-leverage-to-boost-earnings\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">liquidations<\/span><\/a><span style=\"font-weight: 400;\"> over the past few days have faded signs of a bullish crossover. But some ETH holders are optimistic that the Shanghai upgrade could offer a slide ways from the bears.\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p>There have, however, been <a href=\"http:\/\/ambcrypto.com\/ethereum-eth-nosedives-as-shanghai-upgrade-gets-pushed-to-april\/\" target=\"_blank\" rel=\"noopener\">shifts in the final mainnet<\/a> event after it was initially slated for March. But Ethereum developers seemed to have made progress with the <a href=\"http:\/\/ambcrypto.com\/ethereum-sepolia-testnet-successful-but-vitalik-admits\/\">Sepolia Testnet<\/a> success, and Georli in view. So, how has the ETH decline to $1,561 affected its holders?<\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/app.santiment.net\/charts\/QeY2bn7-__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Santiment<\/span><\/a><span style=\"font-weight: 400;\">, the 30-day Market Value to Realized Value (MVRV) ratio was -3.171%. The metric shows the ratio between the current price and the average price acquired in relation to market profitability. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hence, the MVRV ratio drawdown implied that most of those who acquired ETH a few weeks back remained underwater.<\/span><\/p>\n<figure id=\"attachment_295596\" aria-describedby=\"caption-attachment-295596\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.13.33-06-Mar-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-295596\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.13.33-06-Mar-2023.png\" alt=\"ETH price and Ethereum MVRV ratio\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.13.33-06-Mar-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.13.33-06-Mar-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.13.33-06-Mar-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.13.33-06-Mar-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.13.33-06-Mar-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.13.33-06-Mar-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-295596\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>ETH\u2019s short-term recovery could depend on the USD and interest rates trend. Technical indicators suggest short-term consolidation. The first few days of March have failed to give Ethereum [ETH] holders a much-desired breather. Despite the reality of despair, any hope for respite could depend on one condition, according to Chris Burniske. The ex-crypto investment head<a href=\"https:\/\/ambcrypto.com\/ethereum-eth-could-be-set-for-another-round-of-explosion-only-if\/\">Continue reading <span class=\"sr-only\">&#8220;Ethereum [ETH] could be set for another round of explosion, only if\u2026&#8221;<\/span><\/a><\/p>\n","protected":false},"author":72,"featured_media":295597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-295591","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum [ETH] could be set for another round of explosion, only if\u2026 - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The first few days of March have failed to give Ethereum [ETH] holders a much-desired breather. 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