The post Will Ethereum’s momentum shift above $2,496 or continue to struggle? appeared on BitcoinEthereumNews.com.

The Ethereum weekly close above $2,496 would be an encouraging sight. The long-term downtrend meant a price recovery could be delayed by holders seeking to exit at break-even. Ethereum [ETH] prices rose above the $2,500 mark but the downtrend of the past two months was still in play. The longer timeframes showed that $1,949 and $2,496 were the key levels to watch. Source: Burak Kesmeci on X CryptoQuant analyst Burak Kesmeci pointed out in a post on X that a weekly close above $2,496 would be a positive for ETH bulls. The levels on the chart above were plotted based on Ethereum’s downtrend from $4,807 to $1,067 which began in November 2021. The TD Sequential also presented a buy signal for ETH, AMBCrypto looked at other metrics for Ethereum, and not all of them were as encouraging. Historical in/out of the money lowest in 2024 Source: IntoTheBlock The in/out of the money data for the year 2024 reached its lowest point on the 16th of September. Only 59.4% of all wallets were in the money back then, although this figure rose to 64.4% on the 20th of September. This marked the lowest percentage of addresses in the money in the year 2024. Less than two weeks ago, ETH was trading at $2.3k. At the start of the year, ETH prices were at $2,250, meaning that the progress this year has been very slim, especially compared to Bitcoin [BTC]. Source: IntoTheBlock The netflow metric showed that the past 24 hours saw $439 million worth of Ethereum flow out of exchanges. The 7-day and 30-day changes were less extreme and revealed the oscillating nature of netflows. Overall, accumulation is underway, but it has been slow. Investors will be hoping the demand increases rapidly in Q4 2024. Gauging momentum and ETH holder sentiment…

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Filed under: News - @ September 22, 2024 2:03 am