Ethereum prices were able to break through the $4,400 psychological ceiling to begin testing resistance levels. Market indicators point to bullish breakouts on the horizon.
summary
- Ethereum Price surpasses the $4,400 threshold, exceeding previous resistance levels and 30-day moving average.
- If the ETH cannot hold above these levels, the token can see a deeper fix and revert it to the $4,350-$4,360 range.
Ethereum’s surge above $4,400 is driven by powerful macros and emotionally driven catalysts. One of the main factors in the rally is the growth of the market surrounding crypto ETFs, particularly discussions of multi-assets and Altcoin ETFs participating in the US and Asian markets.
Recently, the US market has dominated what is known as the “ETF month” in October. This will show you the final decisions of at least 16 Crypto ETFs supported by Altcoins, such as Solana (Sol), Ripple (XRP), and Dogecoin (Doge). Meanwhile, in Asia, Thai regulators are preparing to draft regulations to promote the expansion of the crypto ETF market to include more altcoins than Bitcoin.
As Ethereum (ETH) is the second largest cryptographic and the underlying layer of Defi and tokenization, tokens are often considered the major beneficiaries of institutional products beyond just standard Bitcoin. The Ethereum Spot ETF extended its winning streak for three consecutive days, with a net inflow of $8000.79 million, according to Sosovalue data.
Furthermore, whale accumulation has been reported across Ethereum wallets, which coincides with a sudden spike in its prices. ETH’s daily spot trading volume rose to $7.17 billion, according to Coinglas data. Meanwhile, futures trading volume reached a maximum of $97.3 billion. Open interest, or money, trapped in ETH futures, rose nearly 2% to $59 billion.
On October 2nd, Ethereum Price surged 6.7%, marking a comeback after holding the ground over the last few days, almost over the $4,000 zone. In addition, market capitalization has increased by 6.3% to $53.1 billion.
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Ethereum price analysis
According to TradingView data, Ethereum is pushing hard for $4,400 and printing a clear bullish breakout. The move coincided with a surge in price candles and a visible rise in momentum due to separation from the 30th moving average.
Currently, the relative strength index is hovered at around 72, which places Ethereum in the area of overbuying. This indicates that bullish sentiment remains dominated, but ETH indicates that there may be a risk of short-term pullbacks or integration as traders make profits.
Historically, measurements above 70 often come before pausing with upward momentum. However, a strong breakout could also continue to raise RSI for a long period of time.
Ethereum prices rise above the 30-day moving average, indicating breakouts | Source: TradingView
Despite the risks of short-term pullbacks, the breakouts over $4,400 were fast and sharp. There is only a little resistance and slows down the ETH. This rapid price surge suggests a wave of buy orders from whales and momentum traders, which has made Ethereum high in such a short period.
The next zone of resistance in tokens is closer to the $4,450-4,500 range, a psychological round number that could attract sellers. If the Bulls maintain control, the ETH could rise towards a higher resistance zone.
Instant support, on the other hand, is around the $4,400 breakout level. If Ethereum falls below $4,400, the next cushion will be $4,396 near the 30-day MA followed by stronger support in the $4,350-$4,360 range. If you can’t hold above these levels, Ethereum prices can cause deeper corrections. So, as long as your ETH is above $4,400, the breakout remains intact.
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