Following the recent crypto market crisis, ETH is showing significant indications of recovery. After over a 10% increase pushed ETH above $2,000(R27 572), the parity was restored. It has managed to maintain this position after falling below $1,700(R32 438) in the previous week. What can we anticipate from the flagship cryptocurrency?
Is there a revival?
It appears that ETH is on the mend. Ethereum has risen from the ashes with a point to prove. It has recently recovered from a near 10% increase and has returned to familiar ground in the $2k (R27 572)level. This is a vote of confidence for ETH investors who were anticipating significant developments this season.
With the whales in full swing, recent data is extremely encouraging for Ethereum. One could argue that the powerful whale movements are to blame for the rise of ETH. The surge in whale movements has resulted in an increase in transaction volumes on the Ethereum network. According to Santiment data, transaction volume has recently increased dramatically, with volumes topping 9 million on 11 May and 13 million on 12 May.
The RSI is another indicator that could indicate a tidal change. In the last 24 hours, the RSI index has risen to 40.5 from an oversold region of 19. As the RSI consolidates around this region, there is a growing possibility that ETH prices will rise soon.
Let us hear it from the pros
Mark Cuban, the billionaire Shark Tank investor, warned investors in an interview with Fortune, saying,
“Don’t go overboard on crypto. Stocks are going through the exact same thing. When money is cheap, people have to put it somewhere and search for returns. When it’s no longer cheap and prices start to go down, people try to protect their gains.”
Whale transactions have surpassed 3,000 in the last two days, 11-12 May, indicating a rising pattern for the days ahead.