Can Ethereum reach $3,000 amid THESE bullish signs?

• Ethereum’s MACD indicator on the one-day chart confirmed a bullish divergence.
• Ethereum change outflows and open curiosity have spiked, hinting towards bullish sentiment.

The crypto fear and greed index spiked to 73 after Bitcoin [BTC] broke above $67,000. Regardless of this bullish bias, Ethereum [ETH] is but to put up vital features.

The most important altcoin traded at $2,604 at press time after a slight 0.4% dip in 24 hours. 

Ethereum is displaying a bullish divergence on the every day chart. The Transferring Common Convergence Divergence has flipped constructive.

Moreover, the MACD histogram bars have turned inexperienced and elevated in measurement, displaying that bullish sentiment is gaining energy.

Supply: TradingView

Nonetheless, the Chaikin Cash Circulation (CMF) had a adverse worth, indicating that extra capital was flowing from ETH than into the altcoin.

This confirmed that patrons had been nonetheless not satisfied, and might be ready for ETH to interrupt an important resistance stage at $2,687 earlier than coming into the market. 

If the bullish divergence portrayed by the MACD performs out, ETH will push previous this resistance stage and set the subsequent goal at $2,900. A take a look at on-chain metrics exhibits that this rally is probably going. 

Ethereum change outflows hit two-week excessive 

Ethereum outflows from exchanges jumped to a two-week excessive on the fifteenth of October as merchants withdrew their tokens from exchanges, displaying a scarcity of intent to promote.

In the course of the day, ETH outflows reached 589,611, valued at greater than $1.5 billion.

Supply: CryptoQuant

Consequently, the whole Ethereum netflows reached the very best stage since late September, suggesting that promoting stress on ETH might subside, paving the best way for a value restoration. 

Risining Open Curiosity 

Ethereum’s Open Curiosity might additionally affect the worth motion. Ethereum’s OI stood at $12.76 billion at press time, displaying rising market participation and curiosity from by-product merchants.

Supply: Coinglass

A surge in Open Curiosity amid a scarcity of great value adjustments indicated that speculative exercise in the direction of ETH was rising.

This might end in excessive volatility if merchants start to shut their positions if the worth makes a robust transfer in both route. 

Energetic addresses present bullish indicators 

The variety of lively addresses on Ethereum reached 349,507 on the fifteenth of October, the very best stage within the final month. This spike is bullish as it may possibly present rising demand for ETH or rising community exercise. 

Supply: CryptoQuant

The rise in these addresses additionally coincided with rising profitability.

Learn Ethereum’s [ETH] Worth Prediction 2024–2025

Information from IntoTheBlock confirmed that after the current achieve in value, the every day lively addresses which are in income reached 30%, the very best stage up to now month.

On the identical time, the every day lively Ethereum addresses in losses have dropped to 13%.

Supply: IntoTheBlock