Ethereum

Convergence

Flow

bullish

Momentum

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum (ETH) is currently in a 4-hour symmetrical triangle, indicating a potential rally.</li> 
 <li>Market activity for Ethereum has been modest, with a slight price increase of 2.45%.</li> 
</ul>  
<p>Ethereum (ETH), at the time of reporting, is trapped in a 4-hour symmetrical triangle, showing no obvious directional trend. </p> 
<p>On-chain data hints at a potential rally on the horizon. </p> 
<h2 id="ethereum-s-market-activity">Ethereum’s Market Activity</h2> 
<p>Ethereum’s market activity has been relatively calm, with a minor price increase of 2.45%, now trading around the $2,600 mark. </p> 
<p>This type of price behavior is common when an asset is trading within a symmetrical triangle, a pattern defined by converging diagonal upper and lower lines. </p> 
<p>Historically, such trading patterns have frequently resulted in significant price movements, either upwards or downwards. </p> 
<h2 id="analyst-predictions-for-ethereum">Analyst Predictions for Ethereum</h2> 
<p>Crypto analyst Carl Runefelt recently suggested that Ethereum is at a crossroads, facing a decision that could either trigger a drop to new lows or potentially drive Ethereum to a new monthly high. </p> 
<p>Runefelt provided a 4-hour chart to illustrate potential price targets, based on the direction Ethereum takes, with a potential bullish target at $2,800 and a potential bearish target at $2,350. </p> 
<p>At such a crucial point, it’s vital to identify additional confluences. </p> 
<h2 id="in-the-money-traders-and-ethereum">‘In the money’ Traders and Ethereum</h2> 
<p>Using the In and Out of Money Around Price (IOMAP) indicator, it was analyzed whether traders in profit (in the money) or at a loss (out of the money) could impact Ethereum’s price direction. </p> 
<p>“In the money” signifies that trades are currently profitable and act as a support zone, while “out of the money” represents unprofitable trades, serving as resistance. </p> 
<p>According to IntoTheBlock, Ethereum has rebounded from the $2,597.37 support, with transactions involving 2.39 million addresses holding over $8 billion in Ethereum. </p> 
<p>This level is crucial for potentially driving the price upward. However, significant resistance from traders that are out of the money is expected at $2,677.33, $2,760.00, and $2,831.77. </p> 
<p>Even though these resistance levels pose challenges, the current bullish momentum, which is outweighing selling pressure, suggests Ethereum may trend toward or exceed $2,800. </p> 
<h2 id="buyer-interest-in-ethereum">Buyer Interest in Ethereum</h2> 
<p>Momentum among Ethereum traders is rising, as indicated by the Moving Average Convergence and Divergence (MACD). </p> 
<p>This tool monitors the relationship between two moving averages of Ethereum’s price, aiding in identifying changes in momentum and direction. </p> 
<p>Recently, the MACD signaled a bullish crossover, suggesting that buyers are actively entering the market and may continue to push the price upward. </p> 
<p>Furthermore, Ethereum’s momentum has been increasing, with the MACD trending toward positive territory. This indicates a strong possibility of continued price increases. </p> 
<p>The Chaikin Money Flow (CMF) also supports this bullish outlook. It has been rising since the 18th of August, indicating that buying pressure was increasing. </p> 
<p>If this trend continues, it could further drive Ethereum’s price higher to the $2,800 target.</p>

Ethereum’s Next Move: Rising to $2,800 or Descending to $2,500? Key Factors to Consider

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CoinEagle.com

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