May 23, 2024

Data tracked by trading platform TradingView shows that ether’s (ETH) momentum indicator, which measures the rate of change in prices over 10 days, has jumped to $880, the highest since May 2021.

Video transcript

The chart of the day is presented by, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Ether sees the strongest bull momentum in three years as the ETF deadline nears in the United States. A popular technical study says Ether's ongoing uptrend is as strong as the one in May 2021. Ether's momentum indicator which measures the rate of change in prices over 10 days has jumped to $880 the highest since May 2021. That's according to trading platform trading view. In other words, the bullish trend is strong bears looking to sell if there are any could ease be run over. It also means that picking a top right now is as risky as attempting to pick a bottom. Traders use the momentum indicator to confirm market trends and spot divergences. A bearish divergence occurs when the indicator decouples from rising prices, hinting at bullish exhaustion and potential correction or drop. Either it was just below $3800 up nearly 3% as of 10 a.m. eastern time. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

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