Following his analyses of the 1-month chart, Crypto Bullet highlighted that ETH closed the month of May on a bullish note. In addition to the monthly close, the altcoin has formed a beautiful Morning Star Candlestick formation, suggesting growing upside momentum.
According to the crypto analyst, ETH is currently facing tough resistance as prices struggle to regain upward strength. However, the altcoin recently broke past the $2,500 price level, which Crypto Bullet considers a key resistance range.
Darkfost identified the shift after examining the ETH Average Order Size on Binance, a metric that provides a real-time picture of Ethereum’s sentiment and momentum on the platform. This is measured by combining important market data on spot and futures activity, cumulative volumes, and a comparison of moving averages.
