While Market Recovers, This Altcoin Not AVAX and LUNA Gets Ready to Run!

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The cryptocurrency market has been in a slump for a long time, but with the recovery and rises in the past week, cryptos are taking off again. Smart contract-related chains such as Ethereum (ETH), Solana (SOL), Cardano (ADA) are providing significant fund inflows as of this week. Santiment, a crypto analytics firm, states that there is an increasing trend towards decentralized solutions and a return to risk-taking trends in financial markets. In other words, investors are no longer afraid to invest.

Bulls Dominate Bears

Ethereum (ETH) did the long-awaited and managed to consolidate above $3,000. Santiment reports that liquidation volume is increasing in the ETH market. Therefore, analysts say that Ethereum bulls now have the upper hand over the bears.

On the one hand, there is a large liquidation volume, on the other hand, it is observed that traders remove their open orders from the market by requesting them to neutralize their losses. In addition, the 50-day moving average value of Ethereum went down in February. However, Ethereum is now breaking this value and the index being above 60 indicates that ETH has an uptrend.

Experts report that open interest indicators show fund growth in Ethereum, other cryptocurrencies, futures and other optional derivatives. Hence, the crypto market is facing a recovery. Analysts say that this funding rate is gradually increasing, which is instrumental in predicting the future of the price of related assets. Although ETH is consolidating above $3,000, it has yet to break a critical resistance level.

ETH’s Upward Acceleration

However, experts emphasize that the 50-day moving average value is important for the future of ETH and that it will reach higher levels. At the time of this writing, Ethereum (ETH) is trading at around $3,055, up 3.1% in the last 24 hours. In addition, there is no great selling pressure in the crypto market. Therefore, analysts think that if there is no selling pressure, the price of ETH will move upwards.

The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should perform their transactions in line with their own research.