👉Ethereum (ETH) fell more than 1% on Thursday after record net inflows into ETH exchange-traded funds (ETFs) over the past six days. Despite the bullish market outlook, $300 million in unstakeable ETH could flood into the market and put downward pressure on prices.
💥Ethereum Price Forecast: ETH Could Rise to $4,522
👉Ethereum is trading near $3,110 after liquidating $57.34 million in the past 24 hours, according to Coinglass data. Liquidated long and short positions accounted for $34.13 million and $23.20 million, respectively.
👉ETH bounced off the 14-day exponential moving average (EMA) in the green after selling pressure near $3,400 extended the decline to the third consecutive day.
👉Since bouncing from the EMA, the top altcoin appears to be on the verge of creating an inverted head and shoulders pattern. If ETH follows this pattern, it could flip the yearly high resistance at $4,093 and rally to $4,522.
👉The 14-day relative strength index (RSI) is trending down and looks set to cross below the yellow moving average. If this move completes, ETH could drop to $2,817.
A daily candle close below $2,817 would invalidate the bullish thesis.
