Ethereum Steadies Near $2,900 as Fed Rate-Cut Odds Fuel Rebound Hopes

Ethereum's Position and Market Outlook

Ethereum is stable around $2,900 due to improving macroeconomic sentiment and increased whale accumulation.
Federal Reserve rate-cut odds have risen above 80%, potentially increasing risk appetite for cryptocurrencies like Ethereum.
Institutional demand is strong, with U.S. spot Ethereum ETFs seeing inflows of $96.67 million, led by BlackRock's $92.6 million contribution.
Treasury giant BitMine added 69,822 ETH last week, raising its total holdings to 3.63 million ETH, about 3% of the circulating supply.
Whale wallets holding 10,000-100,000 ETH accumulated 440,000 ETH in one week, indicating renewed confidence.

Technical Indicators and Potential Breakout

Despite trading below the 20-day SMA at $3,132, Ethereum shows bullish momentum signs.
The MACD histogram is positive, and RSI is near neutral, with potential for upward movement.
Bollinger Bands and trading volume on Binance suggest potential for a price rebound.
A breakout above $3,132 could lead to a target of $3,400 within 5–7 days, with subsequent resistance at $3,658.

Market Risks and Short-Term Concerns

Ethereum still trades within a descending channel; failure to break $3,132 may result in a decline towards $2,750 or lower.
Broader crypto market weakness or delays in network upgrades could hinder a breakout.
Despite risks, institutional demand and rate-cut optimism support a potential retest of $3,400, with a medium confidence level of 65%.

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