ETH HOLDS 2540 WHILE ETF BLEEDING AND A 5000 TARGET COLLIDE
The whole market is staring at Bitcoin but Ethereum is where the real tension lives
ETH trades near 2540 up over 1 percent in the last 24 hours
Price sits right under the 2560 to 2575 resistance band that has rejected every bounce this month
Take that zone and 2700 opens up fast
Lose 2500 and the 2420 support comes back into play
Here is the collision
Spot Ether ETFs just posted their worst week since January with 542 million in outflows
Nine straight days of redemptions totaling almost 700 million
The biggest institutional buyers are walking away
On the other side BitMine just bought another 12532 ETH and now holds over 6 million coins worth almost 5 percent of total supply
Chairman Tom Lee says buying is largely done and still calls for 5000 ETH before year end
The Glamsterdam upgrade just hit its first testnet with no bugs and a mainnet decision comes in the mid December talks
Two wallets tied to early foundation distributions moved 4393 ETH to Kraken this week adding fresh sell pressure
My take as an analyst? I am cautious but not bearish
The ETF bleeding is real and 2560 has to flip to support before I turn bullish
If it does the path to 2700 clears quickly
Do you trust the whale buying or the ETF selling more?
$ETH
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #Ethereum
The whole market is staring at Bitcoin but Ethereum is where the real tension lives
ETH trades near 2540 up over 1 percent in the last 24 hours
Price sits right under the 2560 to 2575 resistance band that has rejected every bounce this month
Take that zone and 2700 opens up fast
Lose 2500 and the 2420 support comes back into play
Here is the collision
Spot Ether ETFs just posted their worst week since January with 542 million in outflows
Nine straight days of redemptions totaling almost 700 million
The biggest institutional buyers are walking away
On the other side BitMine just bought another 12532 ETH and now holds over 6 million coins worth almost 5 percent of total supply
Chairman Tom Lee says buying is largely done and still calls for 5000 ETH before year end
The Glamsterdam upgrade just hit its first testnet with no bugs and a mainnet decision comes in the mid December talks
Two wallets tied to early foundation distributions moved 4393 ETH to Kraken this week adding fresh sell pressure
My take as an analyst? I am cautious but not bearish
The ETF bleeding is real and 2560 has to flip to support before I turn bullish
If it does the path to 2700 clears quickly
Do you trust the whale buying or the ETF selling more?
$ETH
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #Ethereum