Home Bitcoin Ethereum Price Analysis: ETH Aiming at $5000 Again Amid Surging ETF Inflows

Ethereum Price Analysis: ETH Aiming at $5000 Again Amid Surging ETF Inflows

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Ethereum price kept its strength against Bitcoin today. Over the last 3 business days, ETH ETFs have been boasting with over $1 billion in inflows, pushing the price 5% higher during the past 24 hours. Most of the ETF buying happened during Monday’s selling, which clearly indicates buyer interest.

One of the main points Mayne focuses on is institutional interest, particularly in the latest tweets and ETH buys of Tom Lee, Chairman of BitMine. The video also covers other tickers, such as BTC and SOL. Mayne highlights the core principle of trading that the price of any asset is ultimately defined by the people: the sellers and the buyers. Not some magical lines on the chart. And it’s good to pay attention when billionaires are buying.

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Ethereum Price Making Another Attempt at $5000: What Does the ETH Price Chart Say?

(ETHUSD)

A glance at the 1W timeframe is always the best thing traders should do. For more explanation on the writings on the chart you see, please review the ETH article from June. July unfolded as expected, with key moments including a rest and strong bounce off the 2023 support level, accompanied by rising volume.

(ETHUSD)

Moving onto the 1D chart, we see clearly the MSB from May, filling of both FVG gaps in June, and a strong explosive move to the upside in July and August. One thing that catches the eye here is weakness in RSI, though the 50 level is holding well at this point. It would not be surprising to see a deviation below the 50 points. We have retested the $4878 ATH from 2021 and even wicked to a new one at $4957.

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Pullback Or Straight Up Next?

Explore the latest Ethereum Price Analysis as ETH trades near $4600, fuelled by ETF investments and institutional adoption.

(ETHUSD)

Lastly, we will take a look at the 12H chart, starting from the FVG gaps fill. The pump in July and August is a magnificent sight for bulls, with the price growing by a whopping 130%! Euphoria filled the virtual spaces as we came close to the previous ATH, which, for experienced traders, is a sign to get cautious and take profits, and wait. A deeper pullback is likely before a decisive close above the 2021 high. A move lower to the previous high (yellow line) remains one possibility, though a retest of the MA200 cannot be ruled out. Conversely, a sharp move past $5,000 could leave many chasing higher entries. Stay vigilant and manage your risk!

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Ethereum Price Analysis: ETH Aiming at $5000 Again Amid Surging ETF Inflows

  • Beautiful 1W chart and retest of 2021 ATH
  • RSI on 1D and 12H looks reset, but it could go lower – caution
  • Potential support at $3,900, or lower at MA200
  • Moving above all Moving Averages – alt season expected in the upcoming months.

The post Ethereum Price Analysis: ETH Aiming at $5000 Again Amid Surging ETF Inflows appeared first on 99Bitcoins.





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