The increase in ETH influx could signal another price correction or possibly set up a major market shift possibly after US elections.
, being one of the major cryptocurrencies, has been the subject of discussion as an influx of 96000 ETH into derivative exchanges recently indicated a notable rise in market activity.
As the year’s final quarter unfolds, Ethereum’s performance might closely follow Bitcoin’s recent breakout from a prolonged consolidation, which spurred optimism across crypto markets.Ethereum’s price action in past U.S. election cycles also supported this trend. During the 2020 elections, ETH surged, breaking out of consolidation.Ethereum might see a rebound if history repeats itself, particularly as many anticipate positive policies on crypto under potential changes in the U.S. administration.
The divergence structure was clear, and it displayed a double divergence with a clean arc formation, giving a positive outlook.Most of the negative delta appeared on the first leg of this pattern, which typically signals less selling pressure on the second leg.
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