Ethereum price rebounds 4%: Can ETH break above $2,550?

Ethereum price has recovered more than 4% to approximately $2,462 on October 16, following a drop toward $2,325 as traders examine whether declining exchange reserves can support another attempt to break above $2,550. CoinGecko recorded Ethereum (ETH) at $2,460 at press time, with a market capitalization of approximately $300.6 billion and daily trading volume of $14.38 billion. The cryptocurrency traded between $2,324.97 and $2,463.31 over the previous 24 hours, recovering much of Thursday’s losses. The rebound followed stronger-than-expected U.S. inflation figures that triggered selling across cryptocurrencies and technology stocks. Ethereum’s recovery has brought buyers back toward $2,500, although technical indicators and trading data have yet to confirm a sustained reversal. Ethereum’s latest decline briefly took the cryptocurrency below $2,350 before buying returned near $2,320.

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