Facts:
- Ethereum is showing signs of bullish divergence, which suggests strengthening upward momentum.
- The cryptocurrency is balancing at key support with increasing bullish divergence.
- Institutional momentum from both ETFs and regulators is improving for ETH.
Recommendation:
- Transaction: Long position on Ethereum at market price
- Target: $3,069
- Stop: $2,326
Opinion: Ethereum is currently trading at the verge of the 23.6% Fibonacci retracement level. The RSI indicates signs of bullish divergence, suggesting strengthening momentum. Additionally, the MACD has given a buy signal. In the last month, there have been several days of large positive inflows of capital into Ethereum ETFs.
A potential stop-loss is set below the November low at $2,326, while the target for the long position is set at $3,069, aligning with end of January support.
