Ethereum's price is currently at $2,771, and indicators suggest a potential surge to levels unseen since July's ETF launch. The recent surge follows Fed Chair Jerome Powell's remarks on interest rate cuts.
Ethereum’s Network Value to Transactions (NVT) ratio indicates an undervaluation, suggesting a buying opportunity. High exchange withdrawals support this narrative, indicating increased buying pressure.
The recent bounce off the $2,536 support level, combined with positive MACD and Fibonacci retracement indicators, signifies the possibility of ETH reaching $2,829.50, and potentially $3,265.60.
However, the Ethereum Foundation's recent transfer of 35,000 ETH to Kraken could risk a sell-off, possibly dropping ETH's price to $2,516.21.
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