Ethereum Price Prediction: ETH Climbs 2% As The Grayscale ETHE ETF Bleeds $1.1 Billion And This PEPE 2.0 ICO Races Towards $6 Million
Release: 2024/07/26 19:49 Reading: 592
Ethereum Price Rebounds with 2% Gain
The Ethereum price surged 2% in the past 24 hours, reaching $3,249 as of 00:54 a.m. EST. Trading volume increased by 5%, reaching $21.7 billion.
ETH Price Rise Amidst ETF Outflows
The ETH price rise follows outflows of $151 million from Ethereum ETFs on their third day of trading on July 25. Grayscale ETHE ETF also experienced outflows exceeding $1.1 billion over three days.
Ethereum Foundation Transfer of $290 Million
Another significant development in the ETH ecosystem was the transfer of approximately $290 million in Ether from a wallet associated with the Ethereum Foundation after seven years of inactivity, as reported by blockchain analytics platform Lookonchain.
Bullish Trend Reversal in Ethereum Price
Data from GeckoTerminal indicates that the Ethereum price has invalidated the rounding top pattern and rebounded from the $3,111 support level. Analysts expect the bullish trend reversal to continue.
Analysis of Ethereum Price Chart
Ethereum has traded below both the 50-day and 200-day Simple Moving Averages (SMAs) during the recent retracement. The 200-day SMA at $3,300 serves as a key resistance level.
The Relative Strength Index (RSI) is recovering from below the 30-oversold level, suggesting increasing buyer pressure. If buying momentum persists, ETH could break above the $3,300 resistance level.
Bullish Indicators and Targets
The RSI and a golden cross at $3,319 provide bullish signals. The long-term target for bulls is $3,700.
Risks and Alternative Investments
However, if the bears regain control, ETH could retrace to the $3,058 support level. In the meantime, meme coin enthusiasts are exploring Pepe Unchained (PEPU), a new Ethereum Layer 2 token with a presale that has raised over $5.5 million.
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