Ethereum Price Targets $5,430 as Selling Pressure Hits Six-Month Low 💹
Ethereum is experiencing a surge in momentum following a 0.25% interest rate cut by the U.S. Federal Reserve. While most markets showed a modest reaction, Ethereum saw a 2.2% gain over the last 24 hours, trading above $4,600.
Technical analysis reveals a bullish cup and handle pattern, signaling a breakout level near $4,765. Sustaining this setup could lead to a further rally, with potential targets around $5,430.
On-chain data from Santiment highlights a significant reduction in Ethereum's selling activity, with the Spent Coins Age Band indicating a sharp decline in sold ETH.
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