Ethereum Technical Analysis Report 8th October 2024
Enthusiasm is building within the Ethereum (ETH) community following the introduction of a new Ethereum Improvement Proposal (EIP-7781), designed to significantly enhance transaction speed and help decentralised exchanges (DEXs) save an estimated $100 million. Ethereum edged up 0.1% on Monday, driven in part by the excitement surrounding the proposal, which aims to reduce slot time and increase network speed by around 50%. This comes after Ethereum saw a mid-month surge, pushing its price to $2,685its highest level in over a month. The rise in ETH is also supported by broader economic forces, such as the U.S. Federal Reserves recent rate cut, indicating that macroeconomic conditions are adding to the bullish momentum.
At the time of writing, ETH was trading at $2,428.
ETH has held multiple support levels at the key level of $2,150, and this time too it has bounced from the same support level. The asset surged almost by 26% up to $2,728. The bulls failed to manage the grip on the asset and it witnessed some profit booking at higher levels. ETH has a strong resistance zone from $2,775 to $2,820, whereas $2,400 to $2,350 will act as a strong support zone for the asset.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,150 | $2,400 | ETH | $2,800 | $3,350 |
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