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
At the time of writing, ETH/USD 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.
