Sep 28, 2024 12:05
Following the markets recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level. Despite the bullish sentiment, some crypto investors remain cautious about ETHs performance as the second-largest cryptocurrency faces the next crucial resistance level. Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1 Ethereum Consolidates Above $2,600 Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETHs price to ranges not seen in a month, triggering a positive sentiment among many investors. Over the weekend, the King of Altcoins surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon. Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted that ETH had been running into critical resistance on the Daily chart, as it had been unable to break successfully above the $2,650 mark since Tuesday. This performance worried some investors, who considered that not breaking above this level could hinder the cryptocurrencys run and send the price toward the previous support zones. However, Ethereums price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes. ETH To Reach New Highs In October? Crypto Trader Daan highlighted that Ethereums price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency. This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it an important level to watch. A breakout above this mark could further propel ETHs price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted that Ethereums chart is looking a lot like a 2023 redux. Related Reading: Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets Per the Chart, the cryptocurrencys current market structure resembles its 2023 movements very closely. A repeat of ETHs previous bullish trajectory suggests that ETHs price is about to break out and hit a new all-time high (ATH) mid to late October. Additionally, the chart shows that if it follows the same bullish trend, Ethereums price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH. Featured Image from Unsplash.com, Chart from TradingView.com
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