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The Ethereum price dropped over 1% in the past 24 hours to trade at $3,790 as of 12:20 a.m. EST, with trading volume surging 18% to $38.4 billion.
The decrease in the ETH price comes as BlackRock’s ETHA was the only spot Ethereum ETF (exchange-traded fund) to record inflows yesterday. Investors added $132 million to the fund’s reserves.
Total net flows across Ethereum ETFs stood at $65.2 million, according to Coinglass data.
ETH has gained momentum in the last month, soaring over 56%. Can this trend continue?
Ethereum Price Poised For A Bullish Breakout If It Crosses This Resistance
The ETH price is currently in a strong bullish trend, having broken above key resistance levels and moving confidently toward the previous high near $3,939.
The rally was pushed by a rounded bottom pattern, which is a major trend reversal from the earlier downtrend.
Ethereum price action has maintained a consistent trajectory above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming a sustained bullish environment, as GeckoTerminal data shows.
Meanwhile, the Relative Strength Index (RSI) sits at 75, clearly in overbought territory. This suggests potential short-term exhaustion, though in bull markets, the RSI can stay elevated for extended periods.
The Moving Average Convergence Divergence (MACD) is in a bullish crossover as well, with the blue MACD line above the orange signal line and a growing histogram, a classic confirmation of upward momentum.
ETH is above the key Fibonacci levels, with $3,327 (23.6%) and $2,949 (38.2%) acting as support if a pullback occurs.
ETH Eyes $4,500
According to the ETH/USD chart analysis, the Ethereum price is poised to breach the $3,900 resistance level.
If this trend continues, the ETH price is likely to test the psychological resistance near $4,000. Should it break and hold above that level, the next key target could be the $4,500 level.
Moreover, the Chaikin Money Flow (CMF) is at 0.28, indicating strong buying pressure and capital inflow, which could also be a bullish indicator.
However, with the RSI overextended, a short-term consolidation or minor pullback to around $3,500 or the 23.6% Fib level ($3,327) is possible before another upward push.
In the meantime, investors are rotating funds into Best Wallet (BEST), which popular YouTube channel 99Bitcoins, with over 723K subscribers, says is one of the cryptos that could potentially soar 100X after launch.
Best Wallet ICO Heads For The $15 Million Mark – Buy And Stake For 94% APY
Best Wallet is quickly establishing itself as a top-tier DeFi wallet, offering a sleek, user-friendly experience that appeals to both crypto newcomers and seasoned investors.
With a massive and rapidly growing user base, it’s becoming the preferred choice in the decentralized finance ecosystem.
Still in its early stages of presale, the project has already raised over $14.32 million and is quickly hurtling towards $14 million.
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Its built-in decentralized exchange (DEX), presale aggregator, and upcoming crypto debit card set it apart in a crowded field. However, what’s turning heads is its “Upcoming Tokens” feature, a launchpad that has already proven its knack for spotting winners.
Projects like Pepe Unchained (PEPU) and Catslap (SLAP), flagged early by Best Wallet, delivered jaw-dropping gains of 500% and 7,000%, respectively, for early adopters.
Security remains a cornerstone, with biometric authentication and decentralized recovery options ensuring users retain complete control of their funds.
The native token, BEST, is the engine behind this ecosystem. What’s more, holding the token unlocks perks like reduced trading fees, access to exclusive presales, and staking rewards boasting an impressive 94% annual return.
The BEST token is currently priced at $0.025405. With the next price hike looming in around 35 hours, buy soon to secure the best deal.
Check out BEST on its official website.
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