Leading virtual asset giants in the exchange market all turned to an upward trend on Wednesday. In particular, the technical recovery signals shown by Ethereum(ETH), Bitcoin(BTC), and Ripple(XRP) are stimulating market participants' risk appetite.
Ethereum Breaks Free from 'Downward Spiral'
The most dramatic change was seen in Ethereum. It surged 6.21% on Tuesday, clearly breaking through the downward trend line that had persisted since October 7. Currently, ETH is fighting for supply and demand near the 50-day exponential moving average(EMA) around the 2.94K level.
If this price level is maintained, the next resistance is at $3,592.