The post Is a Breakout t $2,626 on the Horizon? appeared on BitcoinEthereumNews.com.

As Bitcoin (BTC) price teases to spike above the crucial support/resistance level around $68k, Ethereum (ETH), the largest altcoin with a fully diluted valuation of about $316 billion and a daily average traded volume of around $15.1 billion, approached a crucial resistance level around $2,626.  In the past week, Ether’s price has rallied over 9 percent, thus approaching the upper border of a symmetrical triangular consolidation. Consequently, speculation of the next Ether move has resulted in a spike in its Open Interest (OI), with more traders betting on a bullish breakout. Ethereum Whales Are Back After shying away from the Ethereum market in the past few months, as shown by the significant cash outflows from the US spot Ether ETFs, on-chain data shows that whale investors are now buying more ETH.  In the past two days, the US spot Ether ETFs have registered a net cash inflow of over $62 million, led by BlackRock’s ETHA.  Meanwhile, the supply of Ether on centralized exchanges declined by nearly 3 million in the past 24 hours, led by Binance, Kraken, and OKX. On the Flipside I need to provide an update to this thread from July. The supply of #ETH had been growing at approximately 60k/mo for 6 months. However, since the 50 bps rate cut a few weeks ago, the inflation as slowed to approximately 30k-40k/mo. If the new pace continues, it would take 3-4… https://t.co/TvaGZznkSM pic.twitter.com/lMvUlfqmEj — Benjamin Cowen (@intocryptoverse) October 18, 2024 According to shrewd crypto analyst Benjamin Cowen, the Ethereum market outlook is heavily impacted by the macroeconomic changes, more so now that the Fed will be initiating its quantitative easing (QE) program.  Notably, Cowen highlighted that the supply of Ether has been rising by around 60k per month for the past six months. As a result, Cowen highlighted…

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Filed under: News - @ October 18, 2024 8:24 am