Can Ethereum reclaim $1700 as capital inflows surge?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The higher-frame market structure was bullish at press time.
A key whale category accumulated in September.
Ethereum [ETH] prices are in the crosshairs as the Spot and Future ETH ETFs (Exchange-traded Funds) showdown extends. Some players believe an approval could suffice as soon as the first week of October.
In the meantime, ETH’s press time value was comfortably above $1640 and a recent high, flipping the higher timeframe market structure into a bullish bias.
ETH clears key roadblock
Source: ETH/USDT on TradingView
The bearish order block of $1623 – $1660 (cyan) has been a key roadblock and resistance level in September. However, ETH mounted above it at press time, flipping the H12 market structure bullish and favoring bulls.
Besides, price action was above the short-term trend, as demonstrated by the price being above 50-EMA (Exponential Moving Average). Consequently, the recent massive buying pressure and capital inflows confirmed by positive RSI and CMF could favor bulls.
In case of an ETF approval, such a catalyst could tip ETH to front a bullish breakout and reclaim $1700. The next bullish targets in such a case will be the $1800 and $1900 in the mid-term.
Conversely, bulls could defend the invalidated bearish OB or the mid-range of $1600 as a support zone if sellers overwhelm the market.
Key whale category accumulated in September
Source: Santiment (ETH Supply Distribution)
According to Santiment’s ETH’s Supply Distribution, a key whale category holding 100k – 1 million ETH coins has accumulated since early September.
The above category controlled +16% of the supply market, only second to the 10k – 100k ETH coins category, which controlled +21% at press time.
However, the Futures market flashed bearish signals at press time. The Open Interest rate was down 1%, while trading volume dropped by +25%. It calls for closely tracking US SEC approval updates on ETH ETFs for optimized trading.
This article originally appeared here.
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The post Can Ethereum reclaim $1700 as capital inflows surge? appeared first on CryptosRus.
Filed under: Bitcoin - @ October 2, 2023 10:00 am