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The price of ethereum ethereum“>pumped more than 10% in the last 24 hours to trade at $2,633.61 at 8:35 am EST.
Investor interest may shift towards eth
Economist Alex Krüger, who has 163,000 followers on
Fake news about ETFs was shown $btc The upside potential is clearly limited until we see real ETF inflows.
—Alex Krüger (@krugermacro) January 9, 2024
The economist said that he believes that bitcoin has peaked for now. As a result, he believes that ethereum will begin to outperform the leading cryptocurrency in the eth/btc trading pair.
Given the approval of the spot bitcoin ETF from the US Securities and Exchange Commission and the market belief that the next Ether ETF could be next, Krüger is of the opinion that the eth/btc pair has bottomed out in the market.
Adding to his outlook on the eth/btc pair is the disappointing gain bitcoin posted after the fake ETF announcement on of btc is clearly limited.”
ethereum price is looking for strong resistance
4-hour chart for eth/USDT (Source: TradingView)
ethereum price is trying to break above the $2,685 resistance level. However, the bears can currently fend off the bulls as the altcoin leader has failed to surpass the mark in the last 24 hours. Despite this, there is still ample buying support, which was evident by the wick present below the current 4-hour candle.
If the bulls manage to break through the $2,685 threshold in the next 24 hours, eth may have the support needed to continue rising in the coming days. This could then clear the way for ethereum price to rise to $2,840 in the near term.
However, a rejection of the $2,685 barrier may trigger a wave of selling pressure from traders. In this alternative scenario, the ethereum The price could correct towards the immediate support level, which is located at $2,440. Continued selling pressure once eth potentially reaches this mark could drag it as low as $2,295 in the coming days.
eth may undergo a brief correction
The technical indicators on the 4-hour chart suggest that ethereum price has entered overbought territory. More specifically, the Relative Strength Index (RSI) stood at 77.81. This technical signal may cause a temporary pullback in the price of ethereum.
However, buyers still had the upper hand over sellers as the RSI positioned above its simple moving average (SMA) line. As a result, any drop in ethereum price in the next 48 hours could be seen as a liquidity creation maneuver ahead of another bullish push. This scenario of eth entering another upward leg will remain in place as long as the RSI line remains positioned above the SMA line on the 4-hour chart.
Another technical indicator that supports a bullish thesis is the moving average convergence divergence (MACD). The MACD line broke above the MACD signal line, which can be identified as a sign that ethereum price will continue to rise in the coming days as its positive trend remains strong. However, the negative slope of the MACD histogram demands attention as it may be the first indication of a bearish trend reversal in the near future.
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