The post Are Bulls Ready to Drive Ethereum (ETH) to $2,500? appeared on BitcoinEthereumNews.com.

Ethereum currently trades at $2,463.82 with a 2.13% daily increase. A $Neiro trader missed a 16,690x potential return after selling early. Ethereum is currently trading at $2,463.82, marking a 2.13% increase over the past day. Despite this upward momentum, trading volumes decreased by 16.84%, reflecting a drop to $12.53 billion. Ethereum’s market cap now sits at $296.6 billion, contributing to the broader crypto market’s recent recovery. A trader bought 8.41 billion $Neiro tokens for just 0.32 ETH ($1,000). He sold all the tokens for 9.98 ETH, making $32.4K, a 30x return on investment. However, had he held onto those tokens, they would now be worth $17.5 million, delivering an astonishing 16,690x return.  In contrast to the bullish sentiment around Ethereum’s price, the Ethereum spot ETF recorded a net outflow of $97,100. Although small, this reflects cautious investor sentiment. ETFs offer more secure exposure to Ethereum, yet the market remains mixed as traders balance short-term market movements with long-term gains. Continuous outflows may weigh on Ethereum’s price, but overall market conditions remain largely positive. Ethereum (ETH) in the Current Market  From a technical perspective, Ethereum shows potential for more upside. The price is currently near resistance at $2,500, as seen from the recent candlestick patterns. If this resistance is breached, the next significant level is around $2,550. However, failure to break higher could push prices back to support at $2,420.  Key moving averages, such as the 9-day simple moving average (SMA), stand at $2,421.34, indicating short-term strength. The recent crossover of the 9-day and 21-day moving averages suggests a slight bullish momentum. The RSI is at 49.31, indicating that Ethereum is in a neutral zone, neither overbought nor oversold. However, the RSI’s 14-day average of 45.63 implies some bearishness lingering in the market. A move above 50 in the RSI could…

---

Filed under: News - @ October 12, 2024 3:10 pm