Chinese Analysts Explain: “Be Prepared for This in Ethereum”

Cryptocurrency analysis firm Matrixport reported in its daily market assessment dated September 30 that Ethereum (ETH) has rebounded after stabilizing within the upper band of its multi-year ascending triangle formation.

The company stated that the current trend has entered a critical observation period and that whether this is the beginning of a new upward wave or another “false breakout” will become clear in the coming days.

Matrixport noted that in past false breakouts, downward pressure remained limited and prices recovered quickly, and noted that similar characteristics are evident in the current trend. The company argued that investors should be prepared for a potential rapid recovery. Noting that the overall technical structure appears positive, Matrixport stated that some of the buying could be due to month-end profit revisions or seasonal positioning for October.

Meanwhile, according to Coinglass data, there was a net outflow of 10,000 ETH from centralized exchanges (CEX) in the last 24 hours. The exchanges with the highest outflows were OKX (15,700 ETH), Bitfinex (1,760.17 ETH), and Coinbase Pro (480.20 ETH), respectively. In comparison, Binance topped the inflow list with an inflow of 5,165.67 ETH.

*This is not investment advice.