As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to weather the market’s storms and embrace its sunny days. The recent dip in Ethereum’s price has been a bit of a rollercoaster ride, but it’s nothing new to us veterans.
In simpler terms, Ethereum (ETH), currently the second most valuable digital currency, hasn’t been performing as well as its peers in recent times. Over the past day and week, it has experienced declines instead of gains.
Even though we’re currently experiencing a dip, some experts posit that if Ethereum manages to surpass crucial resistance points soon, it might align with the usual trend of “Uptober.” This could pave the way for a price rebound.
Ethereum Struggles To Break $2,800 Resistance
Daan Crypto Trades, a technical analyst, has noted that Ethereum hasn’t reached a new high as Bitcoin did last week. For Ethereum to change its current direction, it must break past the $2,800 mark, which aligns with the daily 200 exponential moving average (EMA), according to his analysis.
At the moment, Ethereum’s price has dipped by approximately 1% in the last 24 hours and the last week, sitting at $2,611. This drop stands in stark contrast to the growth experienced over the previous fortnight (14%) and the past month (4%).
Even though ETH reached a recent low of $2,640 last week after a significant 20% decline on September 6 that took prices down to $2,150, it is still significantly below its yearly high of approximately $4,000 achieved in the first three months of this year and its all-time peak of $4,878 from last November.
On the flip side, Bitcoin has hit a two-month peak at $66,500, inching near its previous record high of $73,700 from March. This underscores the significant disparity in their performances over this timeframe when compared to Ethereum.
Similarly to Daan Crypto Trades’ optimistic stance on Ethereum, many analysts also predict a bullish trend provided that the bulls hold crucial support levels and manage to surpass significant resistance barriers.
Analysts Forecast New All-Time High In Early 2025
According to market expert Guru Vedas, it seems that Ethereum (ETH) has found a curve of support on its two-hour chart, with potential support zones around $2,550 and $2,600. He predicts that a recovery might be coming up soon from this supportive area.
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.
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.
According to the analyst’s forecast, the value of Ethereum might rise to between $4,000 and $4,400 by the end of this year. They also expect a potential new record high, surpassing $4,800, in the first quarter of 2025.
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2024-10-01 09:04