The recent surge in Ethereum's price led to the formation of a new CME Gap, attracting the attention of traders and analysts. This article explores the significance of this gap and its impact on the market.
CME Gap and Its Impact on Ethereum Price
Ethereum's price formed a new weekly CME Gap between $4,092 and $4,261 after the July rally. This gap has become interesting for traders as it predicts potential price movements. Analyst Rekt Capital highlighted on social media that gaps often get revisited, creating trading opportunities.
Large Corporate Purchases of Ethereum
Analysts noted that companies bought $10 billion worth of ETH in the past three months. Notably, an acquisition by the U.S. President of $500 million worth of ETH indicates increasing interest from major investors.
Price Forecasts and Scenarios for Ethereum
Analysts like Michaël van de Poppe suggest that in the event of a Bitcoin correction, Ethereum's price could drop to $3,700-$3,800. Other experts emphasize the importance of observing publicly traded companies holding ETH, which may influence the market.
The creation of a new CME Gap for Ethereum provides traders with additional data for analysis. The future price movement of Ethereum will depend on buyer activity and market changes.
