Ethereum is up 5% on Friday as bulls have initiated heavy buying pressure following indications from US Federal Reserve (Fed) Chair Jerome Powell that an interest rate cut is imminent.
Ethereum jumped by over 5% after Fed Chair confirmed that the central bank is looking to cut rates. ETHexchange net flows hit a two-month low after buyers moved over 283.9K ETH out of exchanges. Ethereum ETFs extend outflow streak to six consecutive days after Grayscale's ETHE offset positive flows in Fidelity's FETH. The top altcoin has the potential for a 30% rally if bulls can stage strong buying pressure to overcome a key rectangle's resistance.
The $2,817 price, which served as a key support level for five months from March to July, has been a key resistance after ETH breached it on August 4. ETH/USDT Daily chart A key trendline extending from May 27 to September 25 has also kept ETH's price at bay. However, with the Fed Chair confirming a rate cut is imminent, ETH could overcome the $2,817 resistance and stage a 30% rally toward $3,542. A breakout above $3,542 could see ETH attempt amove toward its yearly resistance of $4,093.
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