Why This Ethereum Indicator Points to Bullish Continuation

Ethereum briefly bounced back from its critical support zone, but the bears resumed their attack. The second crypto by market cap has returned to an area that must be defended to prevent further losses.
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At the time of writing, Ethereum (ETH) trades at $2,840 with a 3% loss in the last 24-hours.
ETH moving sideways on the 4-hour chart. Source: ETHUSD Tradingview
The general sentiment in the market has been trending t