CandleFocus Ethereum (ETH) Price Could Smash Through $3,300 Due to These Reasons
2024-10-21
Author: Content Editor
Ethereum has surged past the $2,700 mark for the first time since September 27 and appears to be maintaining its upward momentum. The Ethereum Exchange Netflow indicator shows that market participants have taken ETH off exchanges, suggesting that there may not be significant selling pressure in the near term. The number of addresses holding ETH valued at $1 million or more has also increased, indicating bullish behavior. Crypto analyst Michaël van de Poppe believes that if Ethereum can rise above $2,770, it has a chance of surpassing $3,000. However, the support at $2,689 needs to be defended, and buying pressure must increase for the price to climb above the resistance at $2,989. If these conditions are met, ETH's price could rally to $3,316, but if it falls below the support line, it could tumble to $2,471.
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