Why Ethereum's Unstoppable Rally Could Drop to $ 3,000

Ethereum rose 34.5% weekly. At the time of writing, ETH is trading at $ 2,976 with a gain of 1.8% on the daily chart. The cryptocurrency has reached a new high in lower timeframes and looks set to hit a major milestone at $ 3,000. ETH moving sideways on the daily chart. Source: ETHUSD Tradingview However, some experts seem cautious due to the large resistance walls at these levels. The alias trader "Edward Morra" has been following the ETH price surge in recent days. The trader was "captivated" by the ETH price action, which showed shallow retreats with continuous grinding. About this pricing structure, Morra said that such models are bursting or shrinking like a series of stops at both ends. The trader also highlighted the ETH price chart for the last 3 months when the cryptocurrency broke $ 1,000 and $ 2,000. Immediately after that, the price went through serious corrections as shown in the chart below. The next week could be crucial in determining Ethereum's price path in the near term. Source: Trader "Edward Morra" Additional data shared by Morra and Trader Byzantine General shows that there are multiple sell orders for $ 3,000 ETH on all exchanges. Orders go from $ 9 million to $ 30 million. Therefore, they concluded that this price target would be a "challenge". However, the Byzantine general said: I also saw walls like this for 1000 ETH and most of them were defeated. Source: Byzantine General Ethereum-based products receive $ 30 million in inflows To support Ethereum's bullish state, CoinShares chief strategy officer Meltem Demiros shared data on fund flows from digital assets from last week. Demiros' company found that the bullish sentiment for ETH increased last week when the cryptocurrency recorded an inflow of $ 34 million for its investment product. ETH “ suppressed '' an exit trend that most impacted Bitcoin. In comparison, the first cryptocurrency based on market cap

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