The ETH price flows through a predetermined range, which has triggered a massive rise in the previous couple of attempts
The ETH price has been flowing within a crucial range, which has set the stage for a massive upswing in the past couple of attempts. While the bullish outlook appears to be strengthening with each passing day, it seems like a final bearish pullback is on the horizon to attract the bulls into the scene.
The ETH price showcases a 20% pullback over the past couple of weeks as the bulls couldn’t sustain the levels above $2,700. While they did confirm a rebound from the lower support zone, the bearish influence over the token doesn’t seem to have completely waned. Hence, the second-largest token could be looking at another 7-8% pullback, which would set the stage for a 35% upswing if this trade pans out well.
Meanwhile, the Ethereum ETFs are struggling with just $580 million in inflows since the launch, which suggests a waning interest from institutions in the token. However, the platform did see some inflows as the outflows from Grayscale’s trust stalled, pinning some bullish hopes on the crypto.
Secondly, the WazirX hacker went on to send over 4.6K ETH to Tornado Cash, cashing out gradually and setting off alarms in the markets. On the other hand, another major reason for a rise in the volatility could be the options, which are set to expire soon. Almost $1.6 billion in BTC & ETH options are set to expire, which could be triggering major moves within the markets.
Having said that, will the ETH price be able to pull off an upward move? Will it reach the crucial resistance above $2,500?
Analyzing the daily ETH price chart, the token appears to be set to hit the lower Bollinger bands as the trade seems to have shifted in the bearish favor. Following a breakout from the rising wedge, the price was expected to hit the support, but the volatility in the markets failed to instill a strong rebound. Additionally, the RSI remains pinned in the lower bands, indicating a decreasing momentum, which complements the bearish narrative.
As a result, the Ethereum price is expected to lose support as bearish news continues to circulate around the token. Hence, a pullback to $2145 could be on the cards before reviving a strong upswing to cross $2500 in the initial days of Q4 2024.
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