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Recent developments show that Ethereum The stock has entered the oversold zone. This is undoubtedly a bullish development for the stock. Second largest cryptocurrency In terms of market cap, it looks set for a price surge that could send it as high as $6,000.
ETH Ready to Take Off After Entering Oversold Zone
Cryptocurrency Analyst Titan of Crypto He noted in a post on X (formerly known as Twitter) that Ethereum is ready to take off, having entered oversold territory. He noted that historically, Ethereum has seen a short-term spike or rally whenever Relative Strength Index (RSI) It is in or near the oversold zone on the 3-day chart.
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While it remains unclear whether this will be a rally or just a short-term pump, the Titan of Crypto added that an upward move appears imminent for Ethereum either way. The accompanying chart shared by the crypto analyst showed that ETH price may reach $6000 If it is a price spike, while the cryptocurrency will at least reach $3,000 if it is just a short-term pump.
Crypto Wolf Cryptocurrency Analyst Also Recently shared A Ethereum He noted that sentiment is at a low point and that herd interest in Ethereum is fading. He added that according to his updated chart, TH is likely to be nearing a bottom. In line with this, he urged patience as Ethereum will see a bullish reversal once a bottom is found.
The accompanying chart showed that Ethereum could rally to $2,900 after the price recovers and will set its sights on $5,600 if it breaks the resistance at $3,900. Cryptocurrency Analyst Poisedon He also pointed to an imminent recovery in the price of ETH, confirming that manipulation has occurred and that it is time for expansion.
The accompanying chart of Poseidon indicated that ETH must reclaim $2,600 if the market structure is to turn bullish. Based on the analysis of the crypto analyst, this turn to the upside could send Ethereum price rises to $3200 In the short term.
Ethereum ETFs Have a Role to Play
the Ethereum ETFs This will undoubtedly play a role in any potential recovery in the price of ETH. According to Data From SoSo Value, these funds have seen a cumulative total net outflow of $562.31 million since their launch on July 23, putting significant selling pressure on the price of ETH.
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These outflows were largely due to selling pressure from Gracycle Ethereum Fund (ETHE)similar to what happened with Grasyacle’s Bitcoin Trust (GBTC) after Bitcoin ETFs Bitcoin dropped to $38,000 at the time before rallying to an all-time high (ATH) of $73,000 after selling pressure from Grayscale eased.
Therefore, ETH could also enjoy a parabolic rally if the same situation happens again, with selling pressure from Graysale’s ETHE and others easing. Ethereum ETFs It is witnessing impressive flows.
At the time of writing, Ethereum is trading at around $2,320, down over 3% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com