CandleFocus What Should Investors Expect from Ethereum (ETH) in October 2024
2024-09-27
Author: Content Editor
The price of Ethereum has been struggling to stay above $3,000 due to weak institutional inflows and investor confidence. However, there is optimism that October could bring a shift in sentiment and price action if institutions start showing more interest. The lack of institutional demand for Ethereum can be attributed to unfavorable factors surrounding the launch of ETH ETFs, as well as external macroeconomic events. The altcoin's path to $3,000 will also depend on factors such as technical innovation and improved macro liquidity. On the downside, bearish cues from investors are emerging, and Ethereum's 30-day MVRV Ratio suggests a potential selling-induced correction. Currently trading at $2,642, Ethereum is on the verge of breaking out of a descending channel pattern, which could lead to a 23% rise and target a price of $3,258. However, this outcome relies heavily on improved institutional inflows and bullish momentum. If the breakout fails, Ethereum could test the lower trendline and potentially drop to the $2,170 support level.
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