The post Ethereum: Profit-taking stalls potential rally – Will ETH see $4K? appeared on BitcoinEthereumNews.com.

Ethereum Futures surged 40% in volume as traders positioned themselves for potential price movements. Profit-taking by investors limits a major ETH rally, despite increased outflows from exchanges. Ethereum’s [ETH] price is experiencing a period of volatility, with fluctuating peaks and troughs in recent weeks. After briefly dropping below $2,600, the price of Ethereum has shown signs of recovery, trading at $2,645.52 at press time.  Over the last 24 hours, the price has increased by 0.29%, while the past week has seen a minor decline of 0.12%. Ethereum’s market capitalization was $318.46 billion, with a 24-hour trading volume of over $17.88 billion. Key technical levels to watch Ethereum’s price is sitting near a critical support level at $2,181.30. This level has been reinforced by an ascending trendline that has supported the crypto since mid-2022.  Should Ethereum break below this support, the market could see a downward trend, potentially leading to further price drops. On the other hand, Ethereum is facing resistance around $2,926. A break above this resistance could drive the price higher, with a potential target of $3,540. If buying momentum strengthens, the price might even test previous highs around $4,000.  For bullish investors, the upward trendline will play a crucial role in maintaining market confidence. Source: TradingView Ethereum Futures surge amid volatility The MACD indicator for Ethereum showed a bearish sentiment, with both the MACD line and the signal line below zero.  However, if the MACD histogram began to show positive movement, it could signal a reversal, supporting a more bullish scenario for Ethereum in the coming weeks. Recent futures data from Coinglass revealed increased activity in the Ethereum market. Open Interest in ETH futures has risen by 2.94%, now standing at $12.66 billion, indicating growing trader interest.  Source: Coinglass Additionally, ETH’s Futures volume has jumped by 40.39% to…

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Filed under: News - @ October 1, 2024 2:21 pm