Ethereum (ETH) bulls have a big task at hand despite helping the altcoin price rise above $2,700 earlier. This time, the new mission is to prevent ETH from going below $2,400, which is a crucial support level.

In this analysis, BeInCrypto checks if the cryptocurrency will drop below the region or if bulls will successfully defend it.

Ethereum Sees Rising Capital Injection

On October 19, the Chaikin Money Flow on Ethereum’s daily chart dropped to -0.10. Popularly called by its short form, the CMF measures the rate of capital flow in and out of a cryptocurrency.

When the CMF rises, more money flows into the crypto involved. If sustained, this could drive a notable price increase. On the other hand, a negative CMF indicates that money is flowing out and holders are distributing.

At press time, the CMF reading has returned to the positive region. This rise indicates that Ethereum bulls are accumulating the coin. If sustained, this could prevent another price crash like the one experienced some months back.

Read More: How to Buy Ethereum (ETH) and Everything You Need to Know

The Weighted Sentiment is another metric that suggests that ETH’s price could rebound. This metric measures the perception market participants have about a cryptocurrency. When it increases, the broader sentiment is bullish and can lead to increased demand

Conversely, a decrease implies that market participants are cautious about buying the cryptocurrency. In that scenario, it becomes challenging for the price to increase. 

According to Santiment, Ethereum’s Weighted Sentiment has bounced off the neutral line to the positive sentiment, suggesting that ETH’s price could see increased demand.

ETH Price Prediction: After the Decline Comes the Bounce

Currently, Ethereum’s price is around $2,556. On the daily chart, ETH has formed an inverse head-and-shoulders pattern, a bearish to bullish technical pattern.

Even though Ethereum’s price has decreased, this pattern suggests that the trend will soon reverse to the upside. If this is the case, Ethereum bulls are likely to defend the $2,457 region.

Read More: Ethereum (ETH) Price Prediction 2024/2025/2030

If validated, then the altcoin might rally toward $2,839. In a highly bullish situation, it could climb as high as $3,010. However, the failure of bulls to defend the underlying support might invalidate this forecast. In that scenario, ETH could decline to $2,116.

On Tuesday, Bitcoin (BTC) exchange-traded funds (ETFs) experienced their first net negative flow in seven days. This comes amid the steady decline in market activity, which has caused the leading coin’s price to plummet to a weekly low.

As of this writing, Bitcoin trades at $66,776, noting a 2% price drop over the past week. With bearish sentiment steadily increasing around the coin, holders may need to prepare for potential further losses.

Bitcoin ETFs Record Outflows

Data from SosoValue shows that BTC spot ETFs experienced a net outflow of $79.09 million on Tuesday, breaking a streak of seven consecutive days of inflows that totaled over $2 billion.

Read more: Top 7 Platforms To Earn Bitcoin Sign-Up Bonuses in 2024

Tuesday’s negative flow was primarily due to a $134 million outflow from the ARK 21Shares Bitcoin ETF, as other ETF products saw either inflows or recorded no activity. Moreso, the largest ETF provider by assets under management, BlackRock’s iShares Bitcoin ETF (IBIT), recorded $43 million in inflows, significantly down from $329 million the previous day. 

This decline in institutional demand is largely attributed to the recent drop in Bitcoin’s value. Over the past week, the cryptocurrency has fallen by 2%, reaching its lowest price point in seven days as of press time.

BeInCrypto’s assessment of its momentum indicators has revealed the gradual growth in bearish sentiment toward the leading coin. For example, readings from its Moving average convergence/divergence (MACD) show its MACD line (blue) poised to cross below its trend line (orange). 

This indicator measures an asset’s price trends and momentum and identifies potential buy or sell signals. When set up this way, it confirms increased selling pressure in the market. The potential crossover suggests that the asset’s price momentum is weakening, and a downward trend or correction could follow.

BTC Price Prediction: Coin Has Only Two Options

Bitcoin’s price is falling toward its 20-day exponential moving average (EMA), which measures its average price over the past 20 trading days. 

When an asset’s price falls toward this level, it suggests the asset is pulling back but may find support around the 20-day EMA. If the price fails to hold above the 20-day EMA and breaks below it, this significantly increases the possibility of a trend reversal. It suggests that bearish sentiment is growing, and further downside might follow.

As of this writing, Bitcoin is trading at $66,776. This is just above the previous resistance level of $64,543, which it recently flipped into support.

If the growing bearish sentiment causes this support to fail upon retest, Bitcoin’s price could drop toward its next major support at $61,686. Should BTC bears break through this level, the price may plunge further to $58,828.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

However, if market sentiment improves and bullish momentum builds, Bitcoin could rally toward $68,612. Clearing this resistance would position BTC for a potential run to reclaim its all-time high of $73,794.

Celestia’s (TIA) price remains uncertain as both trend indicators and key levels fail to provide a clear direction. The ADX and Ichimoku Cloud show weak momentum, indicating a lack of decisive strength from either bulls or bears.

While the EMA lines and support/resistance levels hint at consolidation, a breakout in either direction is needed to determine the next significant move.

TIA Next Direction Is Still Not Defined

The ADX (Average Directional Index) on the TIA DMI chart (Yellow Line) stands at 16.5, indicating a weak trend. ADX is a momentum indicator used to assess the strength of a trend, regardless of its direction.

Typically, an ADX value below 20 suggests that the trend is not strong, while values above 25 indicate a more defined trend. With the current value at 16.5, TIA lacks clear momentum, implying that any trend—bullish or bearish—does not have significant strength.

The +DI (Blue Line) is at 15.6, while the -DI (Red Line) is at 17.3. The +DI represents bullish pressure, and the -DI represents bearish pressure. Since the -DI is higher than the +DI, it indicates that bearish pressure is slightly dominant at the moment.

Given the weak ADX reading, this suggests that while the bears are in control, their grip on TIA’s price movement is not firm. As a result, TIA’s price is likely to remain range-bound or show minimal movement until stronger momentum develops.

Read more: 10 Best Altcoin Exchanges In 2024

Ichimoku Cloud Also Shows Mixed Signals for Celestia

The Ichimoku Cloud chart for TIA reveals a mixed picture. Currently, the price is sitting close to the cloud, which is an area of uncertainty. When prices are within or near the cloud, it indicates a period of consolidation or indecisiveness in the market.

If the price manages to break above the cloud, it could signal a bullish trend, whereas a break below could indicate a bearish move. The thickness of the cloud ahead also plays a role; a thicker cloud implies stronger resistance or support.

The Tenkan-sen (conversion line) and Kijun-sen (base line) are relatively close, suggesting that momentum is not clearly favoring either side. The future cloud is also mixed, which indicates a lack of a strong directional trend.

Given this, the next move for TIA’s price might depend on its ability to either clear the resistance of the cloud or break support to the downside. Until then, traders should watch for a definitive breakout in either direction to assess the next significant move.

TIA Price Prediction: Is It Possible to Get Back to $6 in October?

The EMA (Exponential Moving Average) lines on the TIA chart indicate mixed momentum for the price. The EMAs are closely aligned, with the shorter EMAs hovering slightly above the longer-term EMAs.

This positioning suggests that TIA is experiencing a phase of limited momentum, where there is neither strong bullish nor bearish dominance. The price staying close to all EMAs indicates consolidation, and it will need a clear move above or below these EMAs for a potential trend to emerge.

Read More: 3 Altcoins to Watch in the Fourth Week of October 2024

Regarding support and resistance zones, TIA has strong resistance levels marked at $6.20 and $6.60. If TIA’s price breaks above $6.20, it could attempt to challenge $6.60.

On the flip side, a break below $5.56 could expose the price to deeper pullbacks towards $5.18 or even $4.89, marking a potential 15% price correction. The current positioning of the price suggests a period of indecisiveness, where breaking key support or resistance will dictate the next movement direction.