Ethereum (ETH) has shown promising signs of a potential rally, despite Ethereum Exchange-Traded Products (ETPs) witnessing outflows. The recent uptick in price can be attributed to several factors, including the aftermath of the fourth Bitcoin halving and reports of a significant ETH purchase from a wallet linked to Justin Sun. In the last 24 hours, Ethereum’s price has climbed by 1.39%, reaching $3,214.11. This uptrend aligns with a favourable trajectory for the week, with a 2.16% increase, although it reflects an 8.40% decline over the month. These fluctuations indicate potential volatility and the possibility of market corrections in the long term.
At the time of writing, ETH was trading at $3,185
ETH has surged to meet the 20-day EMA at $3,234, indicating a potential resurgence by the bulls. Notably, the 20-day EMA is levelling off, and RSI hovers just below the midpoint, signalling a delicate balance between supply and demand. Should the price reverse from the 20-day EMA, the ETH/USDT pair could slide towards $3,056, a critical support level crucial for the bulls to defend. Failure to uphold this support may lead to a descent towards $2,850. Conversely, a breakthrough above the 20-day EMA would bolster buyer confidence. This could propel the pair towards the 50-day Simple Moving Average at $3,481, and subsequently towards $3,679. A successful breach above this resistance zone would indicate a potential end to the correction phase.
