Why This Ethereum Indicator Points to Bullish Continuation

Ethereum briefly bounced back from its critical support zone, but the bears resumed their attack. The second crypto by market cap has returned to an area that must be defended to prevent further losses. Related Reading | TA: Ethereum Revisits $2.8K, Why Upsides Might Be Limited At the time of writing, Ethereum (ETH) trades at $2,840 with a 3% loss in the last 24-hours. The general sentiment in the market has been trending to the negative as Bitcoin, Ethereum, and larger cryptocurrencies experience more downside. However, some experts have been providing bulls with hope as long as the crypto market can sustain its current levels. A pseudonyms trader pointed at ETH’s price current structure and determined that it can trend upwards from its present price. The trader looked at Ethereum’s On Balance Volume (OBV) and said it is “still alive”. As seen below, this metric has been moving sideways since the start of April despite ETH’s price action. In that sense, the trader said the bullish biased remains as long as the OBV is capable of sustaining these levels. Ethereum has been making higher highs and higher lows throughout 2022 and seems poised to bounce back to the former above $3,000, as the chart above shows. The pseudonym trader said: You may think I’m still being biased bullish but I can’t call this chart bearish yet. OBV has held support on the daily, and we still have made a higher low. Break one of those and...