Key Points:
Ethereum is attempting to establish a new trend, but bulls need to ensure the daily closing price is above $2635 first.
The price of Ethereum has been hovering within a range for several days, but institutional investors seem to be quietly accumulating. According to CoinShares, Ethereum exchange-traded products (ETPs) recorded inflows of $225 million for the trading week ending Friday. This marks the 11th consecutive week of inflows for Ethereum ETPs.
Can the continued buying of Ethereum ETPs push the price to break above resistance? Let’s analyze the charts to find out.
Ethereum has remained above the 20-day exponential moving average (EMA) ($2507) for the past few days, indicating positive sentiment among traders.
Bulls need to quickly push the price above $2635 to open the path to resistance above $2738. Sellers are expected to pose a strong challenge in the $2738 to $2879 range.
On the downside, if the price drops and closes below the 20-day EMA, it indicates that bulls have given up. This increases the risk of the price falling to the strong support level at $2323. Buyers may emerge between $2111 and $2323.
The ETH/USDT pair has formed a symmetrical triangle on the four-hour chart, indicating indecision between bulls and bears. If it breaks out and closes above the triangle, the advantage will lean towards the bulls. In this case, the pair could soar to the pattern target of $2751.
Conversely, if the price drops and breaks below the triangle, it indicates that the advantage has shifted to the bears. The pair could fall to the target of $2364.
Related: After the last two times Bitcoin holders took this action, the BTC price rose by 72% and 84% respectively.
Original: “ETH News Update: Will Ether ETF Buying Help Bulls Secure Close Above $2700?”
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