CandleFocus Ethereum outperforms top 20 cryptos as it targets $2,817
2024-09-24
Author: Content Editor
Ethereum (ETH) has experienced a significant rally in the past five days following the Federal Reserve's rate cut, with a rise of over 16%. This outperformance against Bitcoin and other top cryptocurrencies is supported by increasing open interest, indicating confidence among investors. Despite this, Ethereum exchange-traded funds saw net outflows last week. Currently, ETH is attempting to reclaim a key support level at $2,817, which, if successful, could lead to further bullish momentum. However, a decline below $2,595 could result in a correction towards the $2,395 support level. The Relative Strength Index and Stochastic Oscillator suggest a potential price correction in the short term.
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