Ethereum is also skyrocketing in price, just like Bitcoin. The solid bull run on October 14th could shape short- to medium-term price trends and impact price performance. Currently the buyer is in charge and local support remains at $2,300. Although the coin is in a solid uptrend, there is a clear entry once the coin crosses $2,800. Still, aggressive traders can ride the positive sentiment by expecting the coin to break above $2,800 following yesterday’s rally. Risk-off traders will consider a loading opportunity if there is a significant rally above September's highs.
Traders are optimistic and expect Ethereum to rise further in the coming sessions. ETH has risen nearly 4% over the past day as sentiment improves. Among this, the average trading volume increased and increased to nearly $20 billion. If the price continues to make new highs, ETH will attract more liquidity and encourage engagement at new multi-week highs.
The following Ethereum news events are worth watching as price breaks out of the local range.
- Net inflows into Spot Ethereum ETFs will be crucial in stimulating demand. Despite strong optimism, all spot ETH ETF issuers recorded $9.8 million in outflows last week. Grayscale ETHE is at the top of the list.
- Vitalik Buterin is a net long on ETH. Over the past few weeks, the co-founder liquidated meme coins such as MooDeng and Popcat and received ETH worth $880,000. The funds received will go to charity.
Ethereum price analysis
ETH/USD At the time of writing, it is bullish.
Due to the widespread bullish engulfing bar on October 14th, aggressive traders may look to buy the dip with a target of $70,000.
Still, there are better entries above the local resistance at $2,800.
If the breakout bar looks like the October 14th bullish candle, risk-on traders can load into targets of $3,000 and $3,500.
An unexpected decline below $2,300 would invalidate this bullish outlook.
