CandleFocus Ethereum Price Forecast: ETH shows mild signs of recovery
2024-10-15
Author: Content Editor
Ethereum (ETH) experienced a 6.5% rally on Monday, breaking through key resistance levels and stabilizing around $2,600. The inflows into the US Ethereum spot ETF and the increase in open interest indicate new buying activity and suggest a continuation of the rally. The Ethereum Coinbase Premium Index shows signs of recovery but remains below neutral levels. Galaxy Digital, an asset management company, deposited a significant amount of ETH to exchanges, indicating potential selling activity. Despite the price rise, Ethereum's open interest has surged by 15.47%, the fastest daily increase in five months, signaling the entry of new money into the market. If the 50-day EMA holds as support, ETH could retest its August 24 high. The MACD indicator and RSI support the bullish momentum. However, if the price closes below the daily support level, a decline to retest the September 6 low is possible.
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