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Cryptocurrency News Articles
Ethereum (ETH) Price Consolidate in a Symmetrical Triangle Pattern, US Spot ETH ETF Registered Zero Cash Inflow
Oct 08, 2024 at 05:26 pm
Ethereum (ETH) price dropped 2.5 percent in the past 24 hours to trade around $2,422 on Tuesday during the early European session
The US spot Ethereum ETFs saw zero cash inflow on Monday, while the US spot Bitcoin ETFs recorded an inflow of over $235 million on the same day.
Ethereum price dropped 2.5% in the past 24 hours to trade at about $2,422 during the early European session on Tuesday. The ETH price showed a mild decline after being rejected from the 50-day Moving Average (MA).
The large-cap altcoin, with a fully diluted valuation of about $291 billion and a daily average traded volume of around $16.3 billion, has been consolidating in a symmetrical triangular pattern since early August to date, thus signaling an imminent breakout soon.
After establishing a robust support level of around $2,300 in the past few weeks, where more than 2.77 million addresses purchased over 52 million Ether units, ETH price has been forming a potential bullish rebound.
From a technical standpoint, Ethereum price has been forming a potential head and shoulders (H&S) pattern in the daily time frame, coupled with a bullish divergence in the Relative Strength Index (RSI).
A consistent close above the support/resistance level of around $2,800 will propel Ethereum’s price toward its all-time high (ATH) in the subsequent months. However, a consistent drop below the support range between $2,300 and $2,150 will set a new bearish precedent in the altcoin space, leading to further short-term capitulation.
Nonetheless, the ongoing shift in the global economic outlook, catalyzed by the recent Fed rate cut and the deteriorating geopolitical situation in the Middle East, will most likely trigger a fresh crypto bull run in the near term.
Furthermore, Gold and Silver prices have led in the anticipated bull run ahead of the upcoming 2024 US general elections.
Ethereum Whales Watch from the Sidelines
According to on-chain data analysis, the supply of Ethereum on centralized exchanges increased by more than 37.3K in the past 24 hours, mostly on Coinbase Pro and Bitfinex. The notable spike in Ether’s supply on centralized exchanges coincides with low demand from the US spot ETH ETFs.
On Monday, the US spot Ether ETFs registered a zero net cash flow, while the US spot BTC ETFs registered a total cash inflow of over $235 million. As a result, the US spot Ether ETFs have now registered a cumulative total net outflow of over $553 million.
Meanwhile, on-chain data analysis reveals that an Ethereum ICO participant address, with a balance of around 150k, has sold more than 45k Ether, worth over $113 million, since September 22.
The Bigger Picture
The Ethereum network remains the undisputed Web3 leader, with about $45 billion in total value locked and over $84 billion in stablecoins supply. The Ethereum ecosystem has the largest decentralized financial (DeFi) platforms led by Lido liquid staking, EigenLayer for restaking, AAVE for lending, and Uniswap (UNI) DEX, among many others.
Nevertheless, the Ethereum network has faced intense competition from upcoming layer one chains led by Solana, Telegram-backed Toncoin, Tron, and BNB Chain, among others.
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Steve Muchoki on LinkedIn
Julia Sakovich on Xoutput:
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- Spell Wallet: The Magical Telegram Mini App Where You Can Earn MANA and Discover New Crypto Airdrops
- Oct 08, 2024 at 10:30 pm
- In the Spell Wallet mini app, users purchase upgrades and solve challenges to earn MANA, which gives holders access to crypto airdrops. The mini app has a magical theme, and also features an NFT marketplace where users can mint their own NFTs or purchase NFTs created by other players.
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- Morphy's Oct. 17-19 Coin-Op & Antique Advertising Auction in Las Vegas to Feature World-Class Lineup of European Antique Music Machines
- Oct 08, 2024 at 10:30 pm
- LAS VEGAS, Oct. 8, 2024 /PRNewswire/ -- There will be no shortage of accomplished entertainers at Morphy's Oct. 17-19 Coin-Op & Antique Advertising Auction