{"id":640332,"date":"2024-09-07T02:30:39","date_gmt":"2024-09-07T02:30:39","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=640332"},"modified":"2024-09-06T16:51:33","modified_gmt":"2024-09-06T16:51:33","slug":"ethereum-pump-send-to-6000","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/ethereum\/ethereum-pump-send-to-6000\/","title":{"rendered":"Ethereum Enters Oversold Territory, Can The Pump Send It To $6,000?"},"content":{"rendered":"

Recent developments show that <\/span>Ethereum<\/span><\/a> has entered oversold territory. This is undoubtedly a bullish development for the <\/span>second-largest crypto<\/span><\/a> by market cap, as it looks set for a price rally that could send it as high as $6,000.\u00a0<\/span><\/p>\n

ETH Ready For Liftoff Having Entered Oversold Territory<\/h2>\n

Crypto analyst Titan of Crypto<\/span><\/a> suggested in an X (formerly Twitter) post that Ethereum is ready for liftoff, having entered oversold territory. He noted that historically, ETH sees a rally or a short-term pump whenever the <\/span>relative strength index (RSI)<\/span><\/a> is in or near oversold territory on the 3-day chart.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play<\/a><\/div>\n

While it remains to be seen whether it will be a rally or just a short-term pump, Titan of Crypto added that an upward movement looks to be around the corner for Ethereum either way. The accompanying chart the crypto analyst shared showed that <\/span>ETH could reach $6,000<\/span><\/a> if it is a price rally, while the crypto will at least reach $3,000 if it is just a short-term pump.\u00a0<\/span><\/p>\n

\"Ethereum
Source: X<\/figcaption><\/figure>\n

Crypto analyst Crypto Wolf also <\/span>recently shared<\/span><\/a> an <\/span>Ethereum<\/span><\/a> update and noted that sentiment is at rock bottom and herd interest in ETH is fading. He added that according to his updated chart, TH is likely approaching a bottom. In line with this, he called for patience as Ethereum will experience a bullish reversal once it finds a bottom.\u00a0<\/span><\/p>\n

His accompanying chart showed that Ethereum could rise to $2,900 following a price recovery and will set its sights on $5,600 if it breaks the resistance at $3,900. <\/span>Crypto analyst Poisedon<\/span><\/a> also hinted at an imminent price recovery for ETH, asserting that manipulation is done and that it is time for expansion.\u00a0<\/span><\/p>\n

Poseidon\u2019s accompanying chart indicated that ETH must reclaim $2,600 if the market structure is to shift to the upside. Based on the crypto analyst’s analysis, this shift to the upside could send <\/span>Ethereum as high as $3,200<\/span><\/a> in the short term.\u00a0<\/span><\/p>\n

Spot Ethereum ETFs Have A Role To Play<\/h2>\n

The <\/span>Spot Ethereum ETFs<\/span><\/a> undoubtedly play a role in any potential price recovery for ETH. According to <\/span>data<\/span><\/a> from SoSo Value, these funds have witnessed a cumulative total net outflow of $562.31 million since launching on July 23, thereby putting significant selling pressure on ETH\u2019s price.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Here\u2019s Where Price Is Headed Next<\/a><\/div>\n

These outflows have been largely due to selling pressure from <\/span>Grasyacle\u2019s Ethereum Trust (ETHE)<\/span><\/a>, similar to what happened with Grasyacle\u2019s Bitcoin Trust (GBTC) after the <\/span>Spot Bitcoin ETFs<\/span><\/a> launched. Bitcoin dropped to as low as $38,00 back then before climbing to its current all-time high (ATH) of $73,000 after the selling pressure from Grayscale eased.\u00a0<\/span><\/p>\n

\"Ethereum
Source: X<\/figcaption><\/figure>\n

Therefore, ETH could also enjoy a parabolic rally if the same situation occurs again, with selling pressure from Graysale\u2019s ETHE easing and other <\/span>Spot Ethereum ETFs<\/span><\/a> witnessing impressive inflows.\u00a0<\/span><\/p>\n

At the time of writing, Ethereum is trading at around $2,320, down over 3% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Ethereum
ETH price drops to $2,200 | Source: ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Recent developments show that Ethereum has entered oversold territory. This is undoubtedly a bullish development for the second-largest crypto by market cap, as it looks set for a price rally that could send it as high as $6,000.\u00a0 ETH Ready For Liftoff Having Entered Oversold Territory Crypto analyst Titan of Crypto suggested in an X (formerly Twitter) post that Ethereum is ready for liftoff, having entered oversold territory. He noted that historically, ETH sees a rally or a short-term pump whenever the relative strength index (RSI) is in or near oversold territory on the 3-day chart.\u00a0 Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play While it remains to be seen whether it will be a rally or just a short-term pump, Titan of Crypto added that an upward movement looks to be around the corner for Ethereum either way. The accompanying chart the crypto analyst shared showed that ETH could reach $6,000 if it is a price rally, while the crypto will at least reach $3,000 if it is just a short-term pump.\u00a0 Crypto analyst Crypto Wolf also recently shared an Ethereum update and noted that sentiment is at rock bottom and herd interest in ETH is fading. He added that according to his updated chart, TH is likely approaching a bottom. In line with this, he called for patience as Ethereum will experience a bullish reversal once it finds a bottom.\u00a0 His accompanying chart showed that Ethereum could rise to $2,900 following a price recovery and will set its sights on $5,600 if it breaks the resistance at $3,900. Crypto analyst Poisedon also hinted at an imminent price recovery for ETH, asserting that manipulation is done and that it is time for expansion.\u00a0 Poseidon\u2019s accompanying chart indicated that ETH must reclaim $2,600 if the market structure is to shift to the upside. Based on the crypto analyst’s analysis, this shift to the upside could send Ethereum as high as $3,200 in the short term.\u00a0 Spot Ethereum ETFs Have A Role To Play The Spot Ethereum ETFs undoubtedly play a role in any potential price recovery for ETH. According to data from SoSo Value, these funds have witnessed a cumulative total net outflow of $562.31 million since launching on July 23, thereby putting significant selling pressure on ETH\u2019s price.\u00a0 Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Here\u2019s Where Price Is Headed Next These outflows have been largely due to selling pressure from Grasyacle\u2019s Ethereum Trust (ETHE), similar to what happened with Grasyacle\u2019s Bitcoin Trust (GBTC) after the Spot Bitcoin ETFs launched. Bitcoin dropped to as low as $38,00 back then before climbing to its current all-time high (ATH) of $73,000 after the selling pressure from Grayscale eased.\u00a0 Therefore, ETH could also enjoy a parabolic rally if the same situation occurs again, with selling pressure from Graysale\u2019s ETHE easing and other Spot Ethereum ETFs witnessing impressive inflows.\u00a0 At the time of writing, Ethereum is trading at around $2,320, down over 3% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":640342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[167,6664,26263,14690,8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-640332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Enters Oversold Territory, Can The Pump Send It To $6,000?<\/title>\n<meta name=\"description\" content=\"Recent developments show that Ethereum has entered oversold territory and this is undoubtedly a bullish development for the altcoin.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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