Ethereum Soars 14%, Why Are 76% of ETH Traders Bearish?

Ethereum is surprisingly firmer, even outperforming Bitcoin when writing. As it is, the uptrend remains, and buyers are in charge. For now, traders can search for entries on dips, especially if the coin trades above the local support at $2,400. Since ETH is also breaking out from the previous resistance and the upside momentum is building up, traders can consider longs on dips. This preview will be valid, especially if there are triggers, mostly the inflow of cash to spot Ethereum ETFs.

Ethereum is springing higher, looking at the formation in the daily chart. The welcomed surge shows in how it has been performing over the last day. As things stand, the second most valuable coin is stable in the past 24 hours but up over 14% in the past week. Meanwhile, the average trading volume is also up, rising to over $17 billion. It is an improvement signaling the possible involvement of traders eager to get in.

Traders are watching the following trending Ethereum news:

• While Ethereum is firm, the community sentiment, based on CoinMarketCap, is bearish. Out of the over 93,000 votes, 76% expect prices to dip, while only 24% predict the coin to rally. It remains to be seen whether there will be a contrarian formation that will move against the majority.
• After the FOMC decision mid-last week, there is an inflow of digital assets. Coinshares said over $321 million were funneled to cryptocurrencies, especially Bitcoin. Unfortunately, ETH continues to post outflows for the fifth week in a row.

Ethereum Price Analysis

ETH/USD is grinding higher, outperforming BTC and the greenback.

Though market participants are bearish, every low above $2,400 might offer opportunities for aggressive traders.

Notice that bull bars are also beginning to form along the upper BB, pointing to strong engagement.

At the same time, ETH is within a bullish breakout formation.

If the coin remains above $2,400, the first target would be $2,800 and later $3,500.

Any drop below $2,400, preferably with rising volume, invalidates this bullish outlook.