Ethereum (ETH) About To ‘Catch Up On BTC’, Is It Ready To Reclaim $3,000?
17 Ottobre 2024 - 10:00AM
NEWSBTC
Following the market’s recent performance, Ethereum (ETH) attempted
to break out of a bullish formation. Some analysts believe the
cryptocurrency is preparing to catch up with Bitcoin and aim for
March highs. Related Reading: Bitcoin’s Road To $70,000? Analysts
Set Next Targets As BTC Retests Key Levels Ethereum Getting Ready
To Challenge BTC This week, Ethereum has successfully reclaimed the
$2,500 support zone following the market’s recent performance. The
second-largest cryptocurrency by market capitalization has seen an
8.6% increase in the last seven days, moving from the $2,300-$2,400
range to the $2,600 mark. In the last 24 hours, ETH has retested
the $2,600 resistance level, currently holding it as support as it
attempts to reclaim the $2,700 price range. This zone is the next
crucial level, as the cryptocurrency hasn’t successfully broken
above it in nearly three months. Market analyst CryptoWolf pointed
out that Ethereum has been rejected from the local top around this
level twice since August’s market crash, making it the next big
resistance to break. However, once the zone is cleared, ETH’s price
is “heading straight to the 3500s” since the analyst considers that
the $3,000 mark “won’t stand a chance.” Similarly, crypto analyst
Alex Clay suggested that the King of Altcoins is about to “catch up
on BTC” and rise toward $3,500. To the analyst, Ethereum completed
its local accumulation within the $2,100-$2,700 range, and “it’s
ready to switch the short-term trend for the bullish.” Other market
watchers also suggested that the market is near the bottom after
the sideway moves, based on the ETH/BTC chart. Tony Research stated
that the chart “suggests that altcoins are currently cheap relative
to Bitcoin. An increase in this chart will positively affect
altcoins and their prices.” As the investor pointed out, altcoins
could see significant growth during Q1 2025 since Q4s have
historically been Bitcoin’s best time to grow. ETH Attempts
Breakout From Bullish Pattern Analyst Crypto Yapper noted that
Ethereum is trying to break from its consolidating formation. The
cryptocurrency has been within a three-month symmetrical triangle
pattern, and it attempted to break above the upper trendline on
Tuesday. Yesterday, ETH rose momentarily above the trendline after
hitting $2,688 but quickly retraced to $2,550. Ethereum tried
another breakout from the symmetrical triangle upper trendline on
Wednesday, surging above $2,630 before settling around the $2,600
support zone. Related Reading: Polkadot (DOT) Gearing Up For
‘Massive Breakout’, Will It Skyrocket To $20? To the analyst,
Ethereum will target the $2,900 mark next if it breaks out of this
formation. Recovering this level could propel ETH’s price to its
March highs, as the $2,900-$3,000 price range was a key support
zone during the rally’s first leg. Meanwhile, season trader Peter
Brandt recently highlighted an inverted Head and Shoulders
(H&S) pattern on ETH’s chart. The trader signaled that an
H&S bottom is forming, also suggesting a massive breakout might
be imminent. As of this writing, ETH is trading at $2,612, a 1%
increase in the daily timeframe. Featured Image from Unsplash.com,
Chart from TradingView.com
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