Ethereum's Channel Test: Can It Break Through $2,800?
Ethereum's recent price movement has reached an important decision point, as it tests the lower boundary of its ascending channel. The cryptocurrency traded at $2,669.20 on October 2, after climbing to a high of $2,777.33 during the session.
The daily Relative Strength Index (RSI) has cooled to 58.86, indicating that momentum is positive but below overbought territory. However, this also means that Ethereum needs renewed buying pressure to move from another test of $2,800 into a sustained breakout.
Spot Ethereum ETFs recorded net outflows of $55.4 million on October 1, extending their losing streak to three trading days. Meanwhile, Binance ETH futures volume remains about 12.5 times larger than spot volume, highlighting the market's dependence on derivatives activity.