Ethereum Technical Analysis Report | 29th October 2024
Ethereum (ETH) has regained the critical $2,500 level, posting a modest 1% increase on Monday. The leading altcoin hints at a potential rally, fueled by a wave of withdrawals from exchanges by investors. However, the price momentum could face resistance due to negative flows in Ethereum exchange-traded funds (ETFs). Over the past week, investors pulled roughly 300,000 ETHworth around $760 millionout of exchanges. Ethereum ETFs experienced the highest outflows among digital assets last week, with $35 million in negative flows.
At the time of writing, ETH was trading at $2,617.
ETH, after making the weekly low of $2,304, surged almost by 13% up to $2,622. On a broader time scale, the asset is trading in a broad range from $2,300 to $2,800. ETH has a very strong resistance zone from $2,800 to $2,850. Once it gives a breakout above the resistance with good volumes then we can expect it to further rally up to $3,350.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,150 | $2,350 | ETH | $2,800 | $3,350 |
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