Ethereum’s breakout odds – Here’s what traders can look out for!
The post Ethereum’s breakout odds – Here’s what traders can look out for! appeared on BitcoinEthereumNews.com.
Combined books for ETH showed an overall positive trend in price action Whale activity on Ethereum network has grown lately too Ethereum (ETH), at the time of writing, seemed to show some positive momentum in the market, backed by strong bid volumes and signs of growing buying interest. In fact, recent data revealed combined bid volumes of $27.173 million and ask volumes of $60.615 million, indicating an upward trend in demand. With ETH’s price at $2,683 at press time, consistent buying pressure in the coming sessions could push it towards a higher resistance level. Any major sell-off might lead ETH closer to its support at around $2,300. Source: Hyblock Capital ETH price action and prediction ETH’s price hasn’t shown significant strength in recent months, but it appeared close to a breakthrough. ETH sat close to a critical resistance level near $2,800, which, if breached, could signal a parabolic move towards the $4,000-mark. This market foundation, coupled with a slow but steady price uptick, suggested that ETH could be primed for an upward move soon. However, ETH’s market remains unpredictable. In fact, some analysts are speculating that a pullback could occur before a more sustained rally. Source: Trading View Price predictions remain cautious though, as Ethereum could dip to retest the $2500 area, forming a stronger foundation for a subsequent rally. For investors employing a dollar-cost averaging (DCA) strategy, these price levels might offer favorable entry points for long-term positions. Whale activity and crypto breadth In addition to the market sentiment, Ethereum’s whale activity recently spiked, marking a six-week high as ETH dipped to $2,380. Historically, whale activity of this scale often means accumulation by major investors. This pattern could encourage a price recovery if whales continue to accumulate ETH in anticipation of further gains. However, any price impact from whale…
Filed under: News - @ October 31, 2024 10:24 am