Ethereum Holds Bullish Trend Near $2,706 Amid Mixed ETF Flows
Ethereum is currently trading near $2,706, marking a slight decline of 0.76% today. Despite this dip, the cryptocurrency remains in a technically bullish position as it holds above the 20-day exponential moving average (EMA) at $2,650.54. Ethereum is also pressing against a rising trendline near $2,700, which it has tested repeatedly since peaking near $2,800 around September 22.
A daily close above $2,700, followed by a move past the $2,800 peak, could set Ethereum on course to reach $3,000. However, the path forward is mixed, with short sellers losing $24.72 million out of $31.70 million in 24-hour ETH liquidations, while US spot ETH ETFs saw $138.02 million in outflows last week after a significant $689.88 million inflow the prior week.
The bullish outlook for Ethereum in October hinges on maintaining support above $2,650. A breakout above the $2,700 trendline would be a key signal for further upward momentum, potentially targeting $3,000. Conversely, a fall below $2,650 could see Ethereum drop to $2,492.