Ethereum

Flow

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-prices-eye-major-breakout" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Prices Eye Major Breakout</a><br></p>
<p style="text-align: justify">Ethereum is on the verge of a significant price increase as major market movements suggest a bullish trend. This development aligns with the anticipated start of Ethereum ETF trading. Currently, Ethereum’s price is stable, seeing a minor drop of 2.9% in the last 24 hours to $3,438, following the SEC’s approval of nine spot Ethereum ETF <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">applications</a>.</p>
<h2 id="what-s-driving-ethereum-s-price-surge">What’s Driving Ethereum’s Price Surge?</h2>
<p style="text-align: justify">Ethereum is showing a neutral to bullish trend, moving within a symmetrical triangle. This pattern, comprising points A, B, C, and D, hints at a potential breakout, which could drive the price to a 161% increase, reaching $9,600. The symmetrical triangle is part of a bullish pennant, a continuation pattern that signals upward momentum.</p>
<p style="text-align: justify">Currently, Ethereum’s trading price is above the 50-day and 200-day exponential moving averages (EMA), providing support levels around $3,370 and $3,120, respectively. Eight spot Ethereum ETF funds have been approved to start trading, potentially pushing the price beyond its previous all-time high. However, resistance is expected around $3,750, coinciding with the upper boundary of the triangle.</p>
<h2 id="what-do-technical-indicators-reveal">What Do Technical Indicators Reveal?</h2>
<p style="text-align: justify">The Relative Strength Index (RSI) for Ethereum stands at 55.96, indicating bullish momentum as it surpasses the neutral 50 level. The RSI is also above its moving average, showing a supportive trend. Furthermore, the Chaikin Money Flow (CMF) data is at 0.15, reflecting strong buying pressure and positive money flow into Ethereum.</p>
<h2 id="key-insights">Key Insights</h2>
<p style="text-align: justify">– Major <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">financial</a> institutions and whales are moving significant funds ahead of the Ethereum ETF launch.<br> – Grayscale has transferred over 292,000 Ethereum, valued at more than $1 billion, to Coinbase.<br> – An Ethereum ICO whale has reactivated their wallet after nine years, holding 977 Ethereum worth around $3.3 million.<br> – The activation of dormant <a href="https://en.bitcoinhaber.net/october-proves-favorable-for-cryptocurrencies-as-analysts-weigh-in-on-the-month-ahead" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> addresses may indicate a different trajectory for this bull run.</p>
<p style="text-align: justify">The involvement of major players and positive technical indicators suggests Ethereum is primed for a potential historic rise. Investors should keep a close eye on upcoming market developments and ETF trades.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-prices-eye-major-breakout" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Prices Eye Major Breakout</a></h5>

Ethereum Prices Eye Major Breakout

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