CandleFocus Fed Rate Cut Fuels Ethereum (ETH) Rally, Yet ETFs Face Outflows
2024-09-19
Author: Content Editor
The recent rate cut by the Federal Reserve has caused Ethereum (ETH) to surge in value by over 5% in the past 24 hours. However, Ethereum spot exchange-traded funds (ETFs) experienced outflows of $9.74 million on Wednesday, despite the price increase. This could be due to ETF holders selling their shares for profit or investors choosing to hold ETH directly. Despite this, the surge in ETH's trading volume and rising open interest in its derivatives market suggest that the uptrend is gaining momentum, with new buyers fueling the market. If buying pressure continues, ETH could break above its 20-day exponential moving average and potentially reach $2,579. However, if selling intensifies, the price may dip below the 20-day EMA and move towards $2,111.
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