An analyst eyes further gains if $2200 support level holds.has recently experienced a strong recovery in its price, trading at $2553 at press time.
Therefore, the current market conditions raise questions about the sustainability of the recovery. Inasmuch, popular crypto analystAccording to Martinez, the TD Sequential was flashing “buy” on Ethereum’s weekly charts at press time.This suggested that markets have a strong potential for a strong rebound if ETH’s prices hold above the $2200 support level.
According to AMBCrypto’s analysis, ETH was experiencing a strong upward momentum on weekly charts. This was a result of favorable market conditions that positioned the altcoin for further gains.For starters, Ethereum’s OI-Weighted Funding Rate has remained for the past 4 days. A high Open Interest combined with a positive Funding Rate suggests that investors are using leverage to bet on price increases, thus indicating confidence in upward movement.Source: Santiment