Ethereum (ETH) has seen a resurgence in price, reclaiming $2500 following a significant rally after last week’s Federal Reserve pivot. This surge has also boosted the ETH/BTC pair, indicating a positive trend for the altcoin.
Despite the launch of a US spot ETH ETF in Q3, the market had shown less interest in Ethereum, with a 25% decline in Q3 and a record low on the ETH/BTC pair, which measures Ethereum’s performance relative to Bitcoin.
The recent upswing in Ethereum’s price was accompanied by a net inflow of $8.2 million in the past two trading days for US spot ETH ETFs, signaling renewed investor interest in the cryptocurrency.
Crypto analyst Benjamin Cowen remains cautious about Ethereum’s strength and the potential bottom for the ETH/BTC pair. He pointed out that historically, the ETH/BTC bottom is usually confirmed when the pair reclaims the 50-day Moving Average (MA). Cowen emphasized the importance of the 50-day MA in determining the bottom for ETH/BTC.
Price action above the 50-day MA is seen as a bullish signal for short-term momentum. However, Cowen warned that until the pair surpasses the 50-day MA, there is still a possibility for further downside.
On the other hand, whale activity in the market has shown some profit-taking behavior, with a notable whale selling 15K ETH worth $38.4 million on Kraken. Despite this, the overall exchange netflow has tapered off, indicating a reduction in sell pressure on centralized exchanges.
The increased demand for Ethereum among US investors, as indicated by the Coinbase Premium Index and positive flows into US ETH ETFs, suggests that the recovery in Ethereum’s price may continue. However, the sustainability of this recovery remains uncertain, especially after the initial excitement surrounding the Fed rate cut subsides.
In conclusion, while Ethereum has shown resilience in reclaiming $2500 and improving its performance against Bitcoin, the market remains cautious about the sustainability of this recovery. Keeping an eye on key indicators like the ETH/BTC pair and whale activity will be crucial in determining the future price trajectory of Ethereum. The world of fashion is constantly evolving, with new trends emerging each season. From bold colors to unique textures, there is always something fresh and exciting to look forward to in the world of fashion. One trend that has been gaining popularity in recent years is the use of sustainable and eco-friendly materials.
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