Ethereum Struggles To Reach Higher Highs Unlike BTC: Key Levels ETH Must Break
01 Octobre 2024 - 8:00AM
NEWSBTC
Ethereum (ETH), the second-largest cryptocurrency by market
capitalization, has recently lagged behind other top tokens,
posting losses on both a 24-hour and weekly basis. Despite this
downturn, some analysts believe that if Ethereum can overcome
critical resistance levels in the near future, it may follow
seasonal trends typically seen in “Uptober,” potentially leading to
a price recovery. Ethereum Struggles To Break $2,800
Resistance Technical analyst Daan Crypto Trades recently
pointed out that Ethereum has yet to make a higher high, a feat
achieved by Bitcoin (BTC) last week. In order to reverse its
current trend, the analyst explains that ETH needs to break through
the $2,800 level, which coincides with the daily 200 exponential
moving average (EMA). Currently, Ethereum’s price has
retraced over 1% in both the last 24 hours and the past week,
currently trading at $2,611. This decline contrasts with the gains
recorded over the past two weeks (14%) and the past month
(4%). Related Reading: XRP Price Ready For 4x Jump To $2.6 As
Major Bullish Pattern Breaks Occurs Despite marking a higher low of
$2,640 at the end of the previous week following a nearly 20% drop
on September 6, where prices fell to $2,150, ETH remains far from
its yearly high of nearly $4,000 achieved in the first quarter of
this year and its all-time high of $4,878 from November 2021. In
contrast, Bitcoin recently reached a two-month high of $66,500,
moving closer to its all-time high of $73,700 set in March,
highlighting the stark difference in performance between Bitcoin
and Ethereum during this period However, much like Daan
Crypto Trades, other analysts maintain a bullish outlook for
Ethereum if important support levels are held by the bulls and if
the price can break through key resistances. Analysts
Forecast New All-Time High In Early 2025 Market expert Guru Vedas
has recently noted that ETH appears to have hit a curve support on
its two-hour chart, with support levels between $2,550 and $2,600.
He suggests that a recovery could be imminent from this support
base. Another analyst, known as “Man of Bitcoin,” echoed this
sentiment, asserting that ETH could continue to rise as long as it
remains above $2,560. He identified key support levels for a larger
wave, ranging from $2,539 to $2,351, which are critical for any
near-term recovery. Related Reading: US Spot Bitcoin ETFs Become
Second-Largest Holder Of BTC Behind Satoshi Adding to the optimism,
analyst Ted Pillows highlighted that Ethereum is forming a similar
fractal pattern to one observed during its previous bull cycle,
which saw prices surge from $1,600 to $4,000. The analyst
predicts that the ETH price could reach between $4,000 and $4,400
by the end of this year, with a potential new all-time high
anticipated in the first quarter of 2025 above $4,800. Featured
image from DALL-E, chart from TradingView.com
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