NAIROBI (CoinChapter.com)—Ethereum (ETH), Hedera (HBAR), and PENGU are experiencing mixed market movements as investors navigate shifting trends. The dynamics reflect varied sentiment and technical signals, creating opportunities and risks in their respective markets.
ETH Rides 5% Rally Despite ETF Outflows
Ethereum (ETH) has risen 5% despite a fourth consecutive day of net outflows across its exchange-traded funds. Data from Coinglass shows $354 million has exited Ethereum ETFs in four days, which Amberdata ties to de-risking by institutions and retail traders.
ETH Futures Open Interest Hits New Highs. Source: Coinglass
Meanwhile, ETH’s open interest remains 40% higher than at the start of its rally in Nov., indicating that many derivatives traders still anticipate more upside. On the spot market, investors withdrew more than 300,000 ETH from exchanges in the past week, which points to long-term accumulation.
Ethereum faces resistance at $3,550, with the 50-day, 100-day, and 200-day SMAs creating a key barrier. A break above this level could push ETH toward $4,093, its 2024 peak. However, if ETH fails to hold the $3,000 support, it risks dropping to $2,817.
ETF outflows show caution, but strong open interest and exchange withdrawals suggest long-term accumulation. The RSI at 46 indicates neutral momentum but could signal buying strength if it moves above 50.
HBAR Nears Breakout as Triangle Pattern Forms
Hedera (HBAR) is trading at $0.3018 after a 1.6% increase over the past 24 hours. The cryptocurrency is consolidating within a symmetrical triangle pattern, as highlighted on the daily chart, signaling a potential breakout. A 26% price surge to $0.38 could follow if HBAR moves beyond the upper boundary of the triangle.
HBAR’s RSI sits at 55.6, leaning slightly bullish, as investors monitor momentum. Open interest has climbed 16% in six days, showing renewed activity in derivatives markets.
HBAR Targets $5 Amid Bull Market Speculation. Source: Shawn Sully
Analysts like Shawn Sully remain optimistic, projecting a long-term price target of $2.50 or even $5 if the bull market extends into late 2025.
Large holders have increased their positions, with wallets holding over 100 million HBAR growing by 20% since Aug., signaling strong institutional confidence. For now, breaking out of the triangle remains crucial for HBAR to reclaim its recent highs and sustain bullish momentum.
PENGU Jumps 530% This Month, Tests Resistance
PENGU is trading at $0.0315, posting a massive 530.09% gain over the past month. This surge has pushed its market cap above $2 billion, but its momentum is showing signs of weakness.
PENGU/USD 1-Month. Source: CoinMarketCap
The ADX, which measures trend strength, has dropped to 13.27, indicating a lack of a clear trend. Meanwhile, the RSI has risen from 28.9 to 45.2, reflecting a recovery from oversold conditions.
PENGU drops to $0.031, forming descending channel. Source: TradingView
The chart shows PENGU moving within a descending channel and testing its upper boundary. A breakout could push the price to $0.035 and possibly retest its all-time high of $0.057. If it fails to break resistance, the price could fall back toward $0.030, with further declines if selling pressure increases.
The recent rally was fueled by a falling wedge breakout and a rising MACD, hinting at growing bullish sentiment. However, stronger momentum, indicated by an ADX above 25, will be needed to confirm a sustained uptrend.
ETH, HBAR, and PENGU highlight the diverse conditions shaping the crypto market. Ethereum shows signs of long-term accumulation despite ETF outflows, Hedera’s breakout potential depends on clearing key levels, and PENGU’s monthly surge underscores its volatility.
