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

Table of Contents

BH NEWS

Другие статьи, опубликованные 23 июл. 2024 г.

Interest In AVAX and Polkadot Fades But Rollblock Is Seeing Record Volume and Sign Ups

Worldcoin denies insider trading and price manipulation allegations

Solana Surges Past Major Cryptos

Bitcoin Mining Company Marathon Digital Fined $138 Million! Here's Why!

Spot Ethereum ETFs Receive Regulatory Green Light for Trading

Spot Bitcoin ETFs See Record Inflows Led by BlackRock’s IBIT

Join our free newsletter for daily crypto updates!