Analyst Says It’s ‘Time To Be Bullish On Ethereum’ As ETH Retests $2,700
October 31 2024 - 3:30AM
NEWSBTC
On Wednesday, Ethereum (ETH) surged above the $2,700 mark for the
first time in over a week, sparking a bullish sentiment among
several crypto analysts. Some suggested that the second-largest
cryptocurrency will soon break from the next resistance level and
reclaim the $3,000 mark. Related Reading: Neiro Breaks Above Key
Level Following 10% Weekly Drop, Is $0.0020 Next? Ethereum Retests
$2,700 Ethereum surged above a key resistance level on Wednesday
morning as most of the crypto market soared. The cryptocurrency
rallied 3.1% toward the $2,700 horizontal level, hitting the $2,722
mark before retracing to $2,710. Over the past week, ETH hovered
between the $2,430-$2,650 range after failing to hold its support.
This performance worried many investors and market watchers, who
have heavily criticized the crypto’s price action throughout the
year. However, today’s jump represents a 5.6% increase in the
weekly timeframe, which sparked a bullish sentiment among the
community. Crypto trader CRG noted that Ethereum is testing a
support level in its trading pair against Bitcoin (BTC) in a higher
timeframe (HTF). Per the chart, ETH/BTC is retesting an HTF support
at the 0.0377 level. The 0.023-0.040 zone was a crucial area
between 2020 and 2021, with ETH’s all-time high rally starting
after breaking above the upper line 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. Similarly,
crypto analyst Michaël van de Poppe remarked that it’s time to be
bullish on ETH, suggesting that there’s a “massive bullish
divergence” in the one-day timeframe of the ETH/BTC chart, while it
was “popping up” in the three-day timeframe. Van de Poppe pointed
out that the 0.051 area is the crucial zone for a trend reversal.
ETH To Hit $3,000 In Two Weeks? Various crypto analysts have set
the $2,800 resistance level as the next crucial zone if Ethereum
successfully reclaims the $2,700 mark. Analyst Crypto Yapper
pointed out that ETH has registered five consecutive green daily
candles since bouncing from last week’s lows. To the analyst, if
ETH breaks above the $2,800 horizontal level, the cryptocurrency
will rally toward the $3,000 resistance level and potentially
kickstart the altcoin season. Similarly, van de Poppe suggested
that Ethereum will break above the crucial horizontal level in the
next two weeks, as it took the liquidity at the $2,450 level and
“ran back up to resistance.” According to the analyst, this could
propel ETH’s price to $3,000 in November. Related Reading: Bitcoin
Volatility To Peak By November 8 As ‘Trump Trade’ Intensifies –
Report ETH has been rejected from the $2,700 resistance level,
hovering between the $2,680-$2,690 price range for the past hour.
As of this writing, the cryptocurrency trades at $2,693, a 1.4% and
3.3% increase in the daily and monthly timeframes. Nonetheless,
it’s worth noting that the crypto market might continue facing high
volatility over the next few days as speculation increases ahead of
the US presidential elections. Featured Image from Unsplash.com,
Chart from TradingView.com
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