Ethereum Enters Oversold Territory, Can The Pump Send It To $6,000?
07 Septembre 2024 - 4:30AM
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Recent developments show that Ethereum has entered oversold
territory. This is undoubtedly a bullish development for the
second-largest crypto by market cap, as it looks set for a price
rally that could send it as high as $6,000. ETH Ready For
Liftoff Having Entered Oversold Territory Crypto analyst Titan of
Crypto suggested in an X (formerly Twitter) post that Ethereum is
ready for liftoff, having entered oversold territory. He noted that
historically, ETH sees a rally or a short-term pump whenever the
relative strength index (RSI) is in or near oversold territory on
the 3-day chart. Related Reading: Shiba Inu Recovery To
$0.000081 ATH Levels Still In Play While it remains to be seen
whether it will be a rally or just a short-term pump, Titan of
Crypto added that an upward movement looks to be around the corner
for Ethereum either way. The accompanying chart the crypto analyst
shared showed that ETH could reach $6,000 if it is a price rally,
while the crypto will at least reach $3,000 if it is just a
short-term pump. Crypto analyst Crypto Wolf also recently
shared an Ethereum update and noted that sentiment is at rock
bottom and herd interest in ETH is fading. He added that according
to his updated chart, TH is likely approaching a bottom. In line
with this, he called for patience as Ethereum will experience a
bullish reversal once it finds a bottom. His accompanying
chart showed that Ethereum could rise to $2,900 following a price
recovery and will set its sights on $5,600 if it breaks the
resistance at $3,900. Crypto analyst Poisedon also hinted at an
imminent price recovery for ETH, asserting that manipulation is
done and that it is time for expansion. Poseidon’s
accompanying chart indicated that ETH must reclaim $2,600 if the
market structure is to shift to the upside. Based on the crypto
analyst’s analysis, this shift to the upside could send Ethereum as
high as $3,200 in the short term. Spot Ethereum ETFs Have A
Role To Play The Spot Ethereum ETFs undoubtedly play a role in any
potential price recovery for ETH. According to data from SoSo
Value, these funds have witnessed a cumulative total net outflow of
$562.31 million since launching on July 23, thereby putting
significant selling pressure on ETH’s price. Related Reading:
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Price Is Headed Next These outflows have been largely due to
selling pressure from Grasyacle’s Ethereum Trust (ETHE), similar to
what happened with Grasyacle’s Bitcoin Trust (GBTC) after the Spot
Bitcoin ETFs launched. Bitcoin dropped to as low as $38,00 back
then before climbing to its current all-time high (ATH) of $73,000
after the selling pressure from Grayscale eased. Therefore,
ETH could also enjoy a parabolic rally if the same situation occurs
again, with selling pressure from Graysale’s ETHE easing and other
Spot Ethereum ETFs witnessing impressive inflows. 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 with Dall.E, chart from Tradingview.com
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