Analyst Says It’s ‘Time To Be Bullish On Ethereum’ As ETH Retests $2,700

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As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I’ve learned to take every price surge and dip with a grain of salt. Today’s Ethereum (ETH) rally above $2,700 is no exception.

On Wednesday, Ethereum (ETH) climbed above $2,700 for the first time in over a week, causing optimism among various crypto analysts. Some predict that Ethereum might overcome its upcoming resistance level and regain the $3,000 threshold.

Ethereum Retests $2,700

On Wednesday morning, Ethereum broke through a crucial barrier and rose, with many cryptocurrencies experiencing a boost. The digital currency gained 3.1%, reaching close to the significant horizontal level of $2,700 at $2,722 before temporarily dropping back to $2,710.

Over the last seven days, I’ve noticed that Ethereum (ETH) has been trading within a band of $2,430 to $2,650, struggling to maintain its support level. This fluctuation has raised concerns among investors and market observers who have expressed their disapproval regarding ETH’s price movement throughout the year.

Today’s jump signifies a 5.6% rise in the weekly context, fueling optimism within the crypto community. As per CRG, Ethereum is currently testing a crucial support level versus Bitcoin (BTC) in the broader timeframe.

According to the graph, the ETH/BTC ratio is currently testing a significant support level at 0.0377. This zone, between 0.023 and 0.040, held great importance from 2020 to 2021, with ETH’s record-breaking rally commencing after it surpassed the upper boundary of this range.

The trader suggested that Ethereum’s surge would be short-lived as the “King of Altcoins” has had a “disappointing” performance despite the spot ETH exchange-traded funds (ETF) approval. “ETH is like the toxic ex-gf that keeps you going back,” he jokingly stated.

Much like crypto analyst Michael van de Poppe expressed optimism about Ethereum (ETH), he noted a significant bullish divergence appearing on both the one-day and three-day charts of ETH/BTC, indicating it’s a good time to be bullish. He also emphasized that the key area around 0.051 is crucial for a potential trend reversal.

ETH To Hit $3,000 In Two Weeks?

Several crypto experts consider the $2,800 area as a significant barrier if Ethereum manages to regain the $2,700 point. According to Analyst Crypto Yapper, Ethereum has recorded five consecutive green daily candles since it bounced back from its recent lows last week.

If Ethereum (ETH) surpasses its current horizontal boundary at around $2,800, it could propel upward, aiming for the $3,000 resistance threshold, which might trigger a period of increased activity among alternative cryptocurrencies (altcoins).

Following a similar line of thought, van de Poppe posits that Ethereum might surge beyond its significant horizontal barrier within the next fortnight. This is because it managed to absorb liquidity at $2,450 and swiftly climbed back towards resistance. If his analysis holds true, we could see ETH’s value climb up to $3,000 in November.

Currently, ETH is unable to break through the $2,700 barrier and has remained within the $2,680-$2,690 price range for the past hour. At present, it’s trading at $2,693, marking a 1.4% rise in the daily chart and a more substantial 3.3% growth when compared to its monthly performance.

Regardless, it’s important to mention that the cryptocurrency market could potentially remain unstable for the coming days due to a surge in speculation leading up to the U.S. presidential elections.

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2024-10-31 10:34