As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of bull runs and bear markets. Having closely watched Ethereum’s trajectory since its inception, I must say that the current bullish sentiment surrounding ETH is quite compelling.
Based on the latest market trends, Ethereum (ETH) has made an effort to exceed a favorable pattern. Certain experts predict that this digital currency could soon match Bitcoin‘s performance and strive for its March peak levels.
Ethereum Getting Ready To Challenge BTC
This week, Ethereum has managed to regain its footing at the $2,500 support level after the market’s recent fluctuations. Over the past seven days, the second-largest cryptocurrency by market cap has experienced an 8.6% rise, moving from the $2,300-$2,400 range to reach approximately $2,600.
Over the past day, ETH has tested the $2,600 resistance point but is now maintaining it as a support while trying to regain the $2,700 price bracket. This area is significant because Ethereum hasn’t managed to surpass it in almost three months.
According to market analyst CryptoWolf, Ethereum has faced rejection at a particular high level on two occasions since the market crash in August, suggesting that this level may now serve as a significant barrier for further price increase.
After the zone is free from obstacles, it’s expected that the price of ETH will surge towards 3500s as the analyst believes the $3,000 level won’t withstand this increase. Moreover, crypto analyst Alex Clay anticipates that Ethereum could soon outperform Bitcoin and reach around $3,500.
For the analyst, Ethereum has finished gathering local resources within the $2,100 to $2,700 price range, and it seems poised to reverse its short-term trend towards a bullish one. Other market observers also believe that the market may have reached its lowest point following the period of sideways movement, as indicated by the ETH/BTC chart.
According to Tony Research’s analysis, the graph indicates that altcoins are currently undervalued compared to Bitcoin. An upward trend in this chart may lead to a rise in altcoin prices and potential growth for them during Q1 2025. This is because, as the investor noted, Q4 has often been a period of significant growth for Bitcoin, suggesting that the first quarter of the following year might present similar opportunities for altcoins.
ETH Attempts Breakout From Bullish Pattern
According to Analyst Crypto Yapper, Ethereum is making an effort to escape from its prolonged consolidation phase. For about three months now, Ethereum has been moving inside a symmetrical triangle structure, and on Tuesday, it made an attempt to move above the upper boundary of this pattern.
Yesterday, Ethereum briefly surpassed its trendline at $2,688 before dropping back down to $2,550. On Wednesday, Ethereum made another attempt to break out of its symmetrical triangle’s upper trendline, peaking at around $2,630 before settling near the support level of $2,600.
If Ethereum manages to break free from its current pattern, it’s expected to aim for around $2,900 next. Reaching this level could potentially push ETH prices back up to where they were in March, as the $2,900-$3,000 range served as a significant support area during the initial upward surge.
Currently, experienced trader Peter Brandt has pointed out a reversed Head and Shoulders (H&S) configuration in Ethereum’s price chart. This observation indicates the potential formation of an H&S base, which could potentially lead to a significant price surge soon.
As of this writing, ETH is trading at $2,612, a 1% increase in the daily timeframe.
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2024-10-17 11:10