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Ethereum’s unstoppable rally leads the coin to the $3000 price range for the first time ever but analysts believe that this is the zone where the price action will cool off so let’s read more in our latest ETH news today.
Ethereum saw a 34.5% rally during the week and at the time of writing, ETH trades at $2.976 with a 1.8% profit on the daily charts. The cryptocurrency reached a new high in the lower timeframe and was poised to break a new milestone at $3000. However, a few experts seemed cautious because of the major walls of resistance at these peak levels. Trader Edward Morra followed the ETH price rally closely for the past few days and he was fascinated by the price action which showed shallow pullbacks with constant grind ups as he said:
“These type of patterns either end up exploding up or spill down cascading the stops, both extremes.”
The trader also pointed to Ethereum’s unstoppable rally and its price chart for the past 3 months when the crypto broke $1000 and $2000. Right after, the price experienced a few corrections as can be seen in the charts. Next week could be critical to determine whether the price trajectory will continue or no. the data by Morra and trader Byzantine General shows huge amounts of selling orders for ETH at $3000 on all exchanges and the orders went from $9 million to $30 million so they concluded that this price target will be a challenge:
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“I saw walls like this at $1000 ETH too and they got eaten for the most part.”
In support of the ETH Bullish case, Chief Strategy Officer at Coinshares Meltem Demirros shared the data on digital asset fund flows and it was determined that the ETH Bullish sentiment is on the rise with the cryptocurrency seeing $34 million of inflows for the investment products last week. ETH got in a trend of outflows that most noticeable affected BTC but on the contrary, the first cryptocurrency by market cap reached a $21 million outflows in the investment product for the same period of time. The trend started right after the BTC mining sector was affected by the power outages in China as Demirors added.
Over the past week, we saw $21 million in BTC product outflow which was the biggest outflow on record that same period that also brought $34 million of inflows in ETH products. The data shows that the investor sentiment is positive as the institutions are warming up to ETH.
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Source: https://www.dcforecasts.com/ethereum-news/ethereums-unstoppable-rally-leads-the-coin-to-3000-analysis/