Crypto Blog
Ethereum’s price has been consolidating above the 100—and 200-day moving averages, indicating a bullish trend.
A close examination of Ethereum’s daily chart reveals that after breaking above the critical 100-day moving average at $3,354, it entered a period of sideways fluctuation, with the price lacking clear direction. However, with the official launch of spot ETH ETFs and a net inflow of $106.6 million on their first day, an increase in buying interest for Ethereum is expected, paving the way for a continuation of the bullish rally. In this scenario, the primary target for buyers is the wedge’s upper boundary at $3.7K.
Yet, in the event of an unexpected bearish breakout, the price could enter a short-term retracement phase before embarking on the next impulsive bullish move. This bearish scenario might offer a better opportunity for participants to accumulate ETH at lower prices.
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