The cryptocurrency trader and analyst Ali shared his belief that Ethereum (ETH) may not present a buy opportunity any time soon. According to an X post published yesterday, the analyst revealed that the MVRV Momentum indicator for ETH shows that there is no clear buy signal for the altcoin leader in sight.
#Ethereum MVRV Momentum indicator has been invaluable in guiding my 🟢 buy or 🔴 sell decisions for $ETH.
As of now, there is no buy signal in sight! pic.twitter.com/lfCbrp6WT4
— Ali (@ali_charts) October 19, 2023
Despite Ali not identifying a clear buy signal for ETH, the altcoin was able to achieve a gain over the past 24 hours. According to data from the cryptocurrency market tracking website CoinMarketCap, ETH’s price had risen 2.25% throughout the past day of trading.
As a result, the cryptocurrency was changing hands at $1,585.40 at press time. The latest increase in ETH’s value was also enough to pull its weekly performance out of the red. Subsequently, ETH’s price was up 2.23% over the past 7 days.
Daily chart for ETH/USDT (Source: TradingView)
From a technical perspective, ETH has been oscillating around the $1,555 mark over the past 3 days. It dipped below this key price point yesterday, but bulls were able to elevate its price to close the trading session above this mark. As a result, ETH could attempt a challenge at the next barrier at $1,645 in the coming few days.
Should ETH overcome this resistance level through the course of the next week, then the cryptocurrency’s price may have the foundation needed to continue rising. In this bullish scenario, ETH could rise to as high as $1,755 in the short term.
On the other hand, a break below the $1,555 support level in the next 48 hours could put the altcoin at risk of dropping to the subsequent support level. This may lead to ETH dropping to as low as $1,460.
Investors and traders will want to note that a significant bullish technical flag was on the verge of being triggered. At press time, the daily MACD line was attempting to cross above the daily MACD Signal line. Should these two lines cross, it could suggest a continuation of ETH’s bullish trend in the following couple of days.
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