CandleFocus Ethereum Bulls Pull $780 Million ETH Off Exchanges, Eyeing $3,600 Breakout
2024-11-17
Author: Content Editor
According to on-chain data, Ethereum (ETH) bulls are optimistic about a potential rally despite the recent price decline. The current total Ethereum exchange inflow suggests that holders are not selling, which may prevent the cryptocurrency from dropping below $3,000 in the short term. Additionally, the Bulls and Bears indicator shows that more participants are buying ETH, indicating a potential price increase. The In/Out of Money Around Price (IOMAP) indicator also suggests strong support at $3,075, with a cluster of addresses holding ETH at that level. This support could push the price towards $3,600, although if selling pressure intensifies, ETH's value could fall below $3,000.
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