If the $2,400 support level holds, Ethereum could target the upper end of the channel around $6,000 in the coming months.
In favor of a bullish outlook, Ethereum's weekly relative strength index (RSI) has bounced off past support zones, which coincides with #ETH testing the downtrend line of the channel.
In the past, ETH price moves have bounced off similar support levels, resulting in sharp rallies.
According to data provided by CryptoQuant analyst Burak Kesmeci, the recent spike in #Ethereum outflows from Coinbase suggests that institutional interest may be spilling over.
October 25, an anonymous entity withdrew 543,000 ETH worth more than $1.3 billion from the cryptocurrency exchange in just an hour, one of the largest Ether moves in the past three months.
Such large movements are often seen as a signal of organized activity. When large companies withdraw large amounts of cryptocurrencies from exchanges, it usually indicates a shift to a long-term holding strategy, possibly foreshadowing bullish sentiment.
Kesmeci noted that the massive outflow of Ether could be a harbinger of rising prices, citing another transaction in August 2024, when 681,100 ETH worth $1.8 billion left the Coinbase exchange.
This is the second such outflow in the past three months, indicating growing institutional interest.
Mr. Solana said.
From a technical point of view, Ether is currently trading near an uptrend support line against #Bitcoin , which combined with an oversold RSI could lead to a sharp rebound in the coming months. Crypto Avails analysts also emphasize that the previous bounce from the ETH/BTC trendline coincided with the start of the "altcoin season, a phase when alternative cryptocurrencies outperform bitcoin.
The strength of ETH against BTC is causing #altcoins to rise, user X noted, adding:
"Altcoins are so cheap right now, they'll soon forget these levels.
Read us at: Compass Investments
