Ethereum Battles at $3,200: Can Buyers Drive it to $4,361?
The post Ethereum Battles at $3,200: Can Buyers Drive it to $4,361? appeared on BitcoinEthereumNews.com.
As the crypto market recovers, Ethereum aims for a breakout rally to cross the $4,000 psychological resistance and kickstart a fresh bull run. As Bitcoin pushes above the $105,000 resistance, Ethereum is gradually making a comeback. Over the past 24 hours, Ethereum’s price has increased by 1.89%, nearing the crucial $3,200 psychological resistance. With a market cap of $385 billion, the largest altcoin is on the verge of a breakout rally. Will the broader market’s short-term recovery fuel this ETH price breakout? Let’s find out. Ethereum ETFs Flow Stay Red Despite Steady Fed Rates While U.S. spot Bitcoin ETFs recorded $92 million in inflows, institutional support for Ethereum is struggling to resurface. On January 29, despite the FOMC’s decision to keep federal rates steady, U.S. Ethereum ETFs saw an outflow of $4.82 million. Grayscale’s mini Ethereum trust and Bitwise both recorded net outflows. Grayscale’s ETHE sold $15.57 million worth of Ethereum, while Bitwise offloaded $4.05 million. On the other hand, BlackRock and Fidelity bought $9.49 million and $4.49 million worth of Ethereum, respectively. Other Ethereum ETFs reported no significant changes in flow. Ethereum ETFs ETH Price Analysis Suggests Breakout Chances Ethereum’s price action on the 4-hour price chart shows a persistent struggle to gain bullish momentum. Recently, Ethereum’s price dropped to $3,000 for the fourth time in the past 30 days. However, following a double-bottom reversal and a broader market recovery, Ethereum presents significant upside potential. With a 2.80% bullish engulfing candle, Ethereum is currently trading at $3,200, forming a Doji candle on the 4-hour chart. Ethereum Technical Insights and Price Targets As Ethereum faces crucial psychological resistance, technical indicators signal a potential buying opportunity. The short-term reversal, coupled with the bullish engulfing candle, has pushed Ethereum past the midline of the Bollinger Bands. With the upper Bollinger Band declining,…
Filed under: News - @ January 30, 2025 6:22 pm