Ethereum Upside Target Around $2,800 As Price Tests Key Resistance
20 Octobre 2024 - 6:00PM
NEWSBTC
Ethereum is testing a key resistance level around $2,640, and many
analysts believe that breaking this point could trigger a
significant surge in price. As the entire crypto market gains
strength, optimism is growing among investors, who are eagerly
waiting for Ethereum to catch up with Bitcoin’s recent rally.
The sentiment is positive, and traders are closely watching to see
if ETH will make its move soon. Top analyst and investor Carl
Runefelt has shared a technical analysis highlighting an optimistic
outlook for Ethereum in the coming days. He believes that a
successful breakout above $2,640 could push ETH to much higher
levels, aligning with the market’s overall bullish trend.
Related Reading: Bitcoin Whales ‘Grew Substantially’ During Last
Dip, Data Shows Large-Holder Accumulation As the market
strengthens, the next week will be crucial, not just for Ethereum
but for the entire crypto space, as investors prepare for what
could be the start of a new rally. With key resistance being tested
and momentum building, Ethereum’s next move will likely set the
tone for its performance in the short to mid-term. Investors and
analysts are keeping a close watch, as the outcome of this
resistance battle could determine the direction of Ethereum’s price
action in the near future. Ethereum Needs A Clean Breakout Ethereum
looks ready for a significant rally, with price action suggesting a
move to new highs. The market is buzzing with excitement as greed
rises and bullish momentum takes hold, pushing ETH toward a
potential breakout. After weeks of accumulation, Ethereum is
now flirting with breaking out of a bullish pattern, setting the
stage for a possible surge. Top analyst and investor Carl Runefelt
has shared his technical analysis on X, highlighting that Ethereum
needs a clean breakout from its current ascending triangle pattern.
According to Runefelt, the upside target is $2,800, which marks the
last major resistance level from the two-month accumulation phase
ETH has experienced. A successful breakout from this key structure
would signal the start of a potential rally, fueling optimism
across the market. Runefelt also emphasized the importance of this
lower timeframe price action, calling it crucial for Ethereum’s
long-term development. Breaking above $2,800 could open the door to
even higher levels, aligning ETH with the broader bullish sentiment
seen across the crypto market. Related Reading: Solana
Struggles To Break $160 Resistance As Top Analyst Predicts A Coming
Surge With the bullish sentiment continuing to build, traders and
investors are watching closely, anticipating whether ETH will
finally catch up to Bitcoin’s recent rally and set a course for new
highs. Key Levels To Watch Ethereum is trading at $2,640
after six days of choppy price action, just below the key $2,650
resistance level. A breakout above this level is essential for
bulls to regain momentum, followed by a reclaim of the 200-day
exponential moving average (EMA) at $2,797. However, there
remains a risk that ETH could fail to break through this
resistance, leading to a search for liquidity in lower demand
zones. If the price cannot clear $2,650, a deeper retrace might
occur as the market seeks support. Despite this risk, as long
as Ethereum holds above the $2,500 mark, the broader bullish
outlook remains intact, giving hope to investors expecting an
eventual rally. Related Reading: Cardano Bullish Pattern Suggests A
Breakout – Can ADA Reach $0.54? In the coming days, Ethereum’s
ability to break through these resistance levels will be crucial in
determining whether it will continue its upward trajectory or face
a temporary setback. The market remains cautiously optimistic, with
traders watching closely for a decisive move above key resistance
to confirm the next phase of the rally. Featured image from Dall-E,
chart from TradingView
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