CandleFocus Ethereum Price Forecast: ETH eyes for $2,800 following retest of support level
2024-10-16
Author: Content Editor
Ethereum (ETH) has seen a slight increase in price after testing its crucial support level. However, US spot Ethereum Exchange Traded Funds (ETFs) recorded a mild outflow on Tuesday, indicating some investors were booking profits. The Ethereum Foundation wallet and a whale wallet also sold significant amounts of ETH, making profits of $2.8 million. The Sentiments Network Realized Profit/Loss metric shows that holders of Ethereum are selling their bags at a significant profit. Ethereum's price has broken above the daily resistance level and is trading above its 50-day Exponential Moving Average. The Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) support Ethereum's rise, suggesting bullish momentum is gaining traction. However, if Ethereum's price falls below its daily support level, it could decline further.
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