Ethereum Picking Up Momentum, Capital Flowing To ETH: When $3,500?
Ethereum is rejecting lower lows at spot rates, which is an encouraging development. Still, the growth rate is not exactly what traders want to see. If anything, the surge, aligning with gains of, say, Bitcoin, should be faster, considering its relatively low liquidity. Nonetheless, aggressive traders can look to buy the dip in anticipation of price gains. The safer option is to wait until there is a complete detachment of price action from the current range. If that happens, then the current sideways chop is nothing more than accumulation. Ideally, a firm, high-volume close above the $2,800 and $3,000 zone will be perfect for trend definition.
The second most valuable coin is stable when writing, adding nearly 2% on the last day. Encouragingly, engagement is picking up, lifting the average trading volume to over $20 billion. If this trend continues, Ethereum could be bottoming up, rising from its Q3 2024 lows.
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The following Ethereum news events are worth tracking:
- Trackers show that October is the first month when spot Ethereum ETFs registered positive net flows. Capital flowing into ETH products could support bulls, lifting prices from Q3 2024 pits.
- Despite criticism, mostly on layer-2 fragmentations and demand for onchain scaling, Vitalik Buterin believes Ethereum is building the future. Coinbase, Kraken, and technology companies like Sony are keen on launching layer-2 solutions for their businesses.
Ethereum Price Analysis
ETH/USD appears to be gathering momentum at spot rates.
While the uptrend is doubtful, the series of higher highs from early August is a net positive.
Aggressive and confident Ethereum traders can look to buy the dips, riding the “undervalued” coin.
However, as mentioned, this preview holds as long as the zone between $2,300 and $2,400 is not breached to the downside.
Clearer entries are present above the upper limit at $2,800.
In that case, determined Ethereum bulls can push higher, even retesting $3,500 and $4,100.
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