The market has been struck by the bears, but Ethereum (ETH) has managed to maintain side movement in the 24-hour chart. Trading at $2.404,36, ETH moved towards a new all-time high before the crash. Investors looking for a good entry for a long position could benefit from the current dip.
ETH retaking bullish momentum in the daily chart. Source: ETHUSD Tradingview
Analyst Ben Lilly has been keeping a close eye on the trading pair ETH/USD. Predicting the recent bullish price action, the analyst claimed increased volatility for the pair as it moved near a low point on its gamma curve.
Used as a metric to measure how fast the price of an asset can change in relation with each one-point increase, the gamma on this trading pair also hinted at a “more explosive” price action to the upside and further volatility towards the weekend, as Ben Lily said:
(…) back at max negative gamma, about $1.5mn per $10 moves.