CandleFocus Ethereum could retest $2,707 resistance following increasing ETF inflows and uptrend in funding rates
2024-09-27
Author: Content Editor
The price of Ethereum (ETH) has risen by over 2% to reach $2,640, driven by increased investor interest and inflows into ETH ETFs. In the past two days alone, ETH ETFs have seen net inflows of over $105 million, with BlackRock's ETHA and Grayscale Mini Ethereum Trust leading the way. This surge in inflows follows the US Federal Reserve's decision to cut rates and investors' return from the summer holiday season. The rise in Ethereum's 30-day simple moving average funding rate further supports the bullish sentiment. However, investors should be cautious about the rising exchange reserve of ETH, which may lead to increased selling pressure and a potential price decline. On the technical side, if the bullish momentum continues, ETH could rally to test the $2,707 resistance level and potentially reclaim the $2,817 support level. Conversely, breaking below the $2,595 level could trigger heavy bearish momentum.
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