CandleFocus Ethereum’s Rally Will Be Fueled by This Steady Whale Behavior
2024-10-01
Author: Content Editor
The price of Ethereum (ETH) has been struggling to break above the resistance at $2,698 for over six weeks, causing the cryptocurrency to remain in consolidation. However, market participants expect October to be a turning point for Ethereum, potentially leading to a significant rally towards $3,000. Large investors, known as whales, have been accumulating ETH, signaling confidence in a potential price increase. The Relative Strength Index (RSI) suggests that Ethereum has positive momentum and room for further growth without triggering a correction. If Ethereum can break out of its current consolidation, it has the potential to reach $3,000. However, if it fails to breach the resistance at $2,698, the consolidation may continue and delay the rally.
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