Ethereum Macro Trend Oscillator Indicates Possible Price Recovery Ahead
Ethereum's price has struggled recently, but a long-term macro indicator shows signs of potential recovery. A trend oscillator created by an analyst known as Decode indicates a possible turnaround after a prolonged bearish period.
Key Observations
- The oscillator's monthly chart highlights sustained bearish momentum, with recent red histogram bars showing shallower declines compared to previous downturns.
- A brief bullish signal in January was a false start, but current indicators suggest a shift towards recovery.
- The 3-day chart shows rejection from negative territory and the formation of a small green bar, indicating a potential early-stage turnaround.
Market Implications
- Decode’s oscillator also tracks broader market trends, suggesting that green phases in Ethereum may align with similar movements in the S&P 500.
- The gradual shift towards the green zone signals potential price strength for Ethereum, despite its recent correction to $1,400.
- Ethereum is currently trading at $1,830, having experienced a brief dip below $1,800, resulting in liquidations worth approximately $35.92 million.
