BPOI Banner
Key Catalysts Poised To Drive The Crypto's Comeback Key Catalysts Poised To Drive The Crypto's Comeback

Key Levels ETH Must Break


Este artículo también está disponible en español.

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

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

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.

The 1D chart shows ETH’s price trending sideways over the past week. Source: ETHUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

Source link

Ronaldo Marquez

https://www.newsbtc.com/ethereum-news/ethereum-struggles-to-reach-higher-highs-unlike-btc-key-levels-eth-must-break/

2024-10-01 06:00:40

bitcoin
Bitcoin (BTC) $ 62,621.78 0.43%
ethereum
Ethereum (ETH) $ 2,462.19 0.35%
tether
Tether (USDT) $ 0.999835 0.06%
bnb
BNB (BNB) $ 572.87 0.45%
solana
Solana (SOL) $ 146.88 0.52%
usd-coin
USDC (USDC) $ 1.00 0.03%
xrp
XRP (XRP) $ 0.531907 1.46%
staked-ether
Lido Staked Ether (STETH) $ 2,461.53 0.38%
dogecoin
Dogecoin (DOGE) $ 0.110988 0.00%
tron
TRON (TRX) $ 0.162534 0.83%
the-open-network
Toncoin (TON) $ 5.25 0.53%
cardano
Cardano (ADA) $ 0.352675 0.43%
avalanche-2
Avalanche (AVAX) $ 29.08 1.62%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 1.37%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,907.51 0.45%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 62,558.76 0.43%
weth
WETH (WETH) $ 2,461.56 0.38%
chainlink
Chainlink (LINK) $ 10.91 1.27%
bitcoin-cash
Bitcoin Cash (BCH) $ 324.57 1.56%
sui
Sui (SUI) $ 2.18 2.12%
uniswap
Uniswap (UNI) $ 7.90 0.20%
polkadot
Polkadot (DOT) $ 4.17 1.67%
dai
Dai (DAI) $ 0.999942 0.02%
near
NEAR Protocol (NEAR) $ 4.71 2.13%
leo-token
LEO Token (LEO) $ 6.08 0.40%
aptos
Aptos (APT) $ 10.07 16.99%
litecoin
Litecoin (LTC) $ 65.30 1.79%
bittensor
Bittensor (TAO) $ 639.97 2.84%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,585.72 0.46%
pepe
Pepe (PEPE) $ 0.00001 2.68%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.43 0.24%
internet-computer
Internet Computer (ICP) $ 7.91 3.56%
kaspa
Kaspa (KAS) $ 0.132925 4.12%
first-digital-usd
First Digital USD (FDUSD) $ 0.998403 0.02%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.367335 1.66%
monero
Monero (XMR) $ 151.10 0.83%
ethereum-classic
Ethereum Classic (ETC) $ 18.58 1.19%
dogwifcoin
dogwifhat (WIF) $ 2.71 0.30%
stellar
Stellar (XLM) $ 0.090947 1.27%
blockstack
Stacks (STX) $ 1.72 2.19%
okb
OKB (OKB) $ 41.53 2.32%
immutable-x
Immutable (IMX) $ 1.52 2.60%
ethena-usde
Ethena USDe (USDE) $ 0.998908 0.04%
aave
Aave (AAVE) $ 153.01 4.37%
whitebit
WhiteBIT Coin (WBT) $ 15.21 1.59%
optimism
Optimism (OP) $ 1.69 1.71%
filecoin
Filecoin (FIL) $ 3.56 1.75%
render-token
Render (RENDER) $ 5.32 3.33%
crypto-com-chain
Cronos (CRO) $ 0.075877 1.90%
injective-protocol
Injective (INJ) $ 20.31 1.67%