Fun

Ethereum Holds Key Support To Set A $6,000 Target – Analyst

News Feed - 2024-10-31 03:10:05

Este artículo también está disponible en español.


Ethereum (ETH) is showing strength, finding support at a critical level around $2,400 and pushing to local highs near $2,800. Top analyst Ali Martinez shared a technical analysis highlighting Ethereum’s potential to break out. Holding this key level suggests ETH could be on the verge of a significant rally. 


Martinez’s analysis points to a large trading channel with an upper boundary of around $6,000, indicating a substantial upside if ETH continues to gain momentum. Related Reading Bitcoin Bears Fear A Short Squeeze Above $71,000 As Open Interest Rises To $22.6B 1 day ago


As the crypto market broadly trends toward new highs, Ethereum’s performance has lagged behind some altcoins. A strong push past $2,700 could build the momentum for Ethereum to attract renewed interest, particularly from institutional and long-term investors. 


Investors are watching to see if it can finally catch up to the broader market’s gains. Should Ethereum hold its ground and continue upwards, the anticipated surge could solidify its position as a leading asset in the next major crypto rally. Ethereum Accumulation About To End


Ethereum has been consolidating since early August. Some analysts see this as a strategic accumulation phase by long-term investors before a potential breakout. Ali Martinez highlights this view in his technical analysis on X, sharing a chart showing Ethereum trading within a channel. 


According to Martinez, this ongoing consolidation around $2,400 suggests a buildup phase, positioning ETH for a powerful surge if it breaks out of its current range. Ethereum holds $2,400 support | Source: Ali Martinez on X


Martinez points to the critical $2,400 support level as a foundation to propel Ethereum toward the channel’s upper boundary at around $6,000. Such a move, however, would require ETH to first breach the $2,800 level, confirming a shift out of its consolidation phase. 


If Ethereum’s price closes above this level, the breakout would mark a reversal and signal a new upward trend.


This potential rally aligns with broader market trends, as other altcoins and Bitcoin are pushing toward new highs. Analysts believe this could create a domino effect, drawing capital into ETH as investors look for high-upside assets with established use cases and network activity.  Related Reading Cardano Might See A Massive Pump Around November 18 – Analyst Exposes 2020 Similarities 1 day ago


If Ethereum can hold above $2,800 and build momentum, the move could validate Martinez’s $6,000 target. Investors are watching as a breakout could signal a phase of exponential growth for the second-largest cryptocurrency by market cap. ETH Testing Critical Supply level


Ethereum (ETH) is trading at $2,680, just 3.5% away from its 200-day exponential moving average (EMA) at $2,776. This EMA level acts as a significant resistance point, and for bulls to take control, ETH must break above it and then hold this level as support to confirm an uptrend.  ETH testing crucial supply | Source: ETHUSDT chart on TradingView


A push above the $2,820 supply level would further solidify bullish momentum and set the stage for a potential breakout.


However, ETH might spend several days trading below these crucial levels before a decisive move unfolds. Market conditions could favor a period of consolidation, allowing ETH to gather more strength and push higher. Related Reading If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst 2 days ago


A retrace is likely if ETH fails to hold prices above the 200-day EMA and the $2,820 supply zone. In this scenario, ETH would potentially seek support around lower demand levels, notably near $2,500, where it could stabilize.


If ETH holds this support, consolidation within a range could continue. Investors and traders closely watch these levels to gauge ETH’s next direction in this critical phase.


Featured image from Dall-E, chart from TradingView

News Feed

Bitcoin hash rate dips as miners turn off unprofitable ASICs post-halving
Zoltan Vardai14 hours agoBitcoin hash rate dips as miners turn off unprofitable ASICs post-halvingDespite the recent block reward halving, only the profitability of Bitcoin miners with less efficient mining rigs is endan
Binance Coin Topples USDT to Become the Number Three Crypto After a 300% Price Surge
Binance Coin Topples USDT to Become the Number Three Crypto After a 300% Price Surge The Binance token has toppled the stablecoin Tether to become the third-larg
Three Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy
Three Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy Following the recent court filing from liquidators for Three Arrows Capital
Bitcoin miner Riot Platforms hash rate booms 50% in June
Brayden Lindrea14 minutes agoBitcoin miner Riot Platforms hash rate booms 50% in JuneRiot’s hash rate of 22 EH/s surpassed CleanSpark and Core Scientific and now only trails Marathon Digital’s 31.5 EH/s.87 Total view
Satoshi Nakamoto’s Bitcoin White Paper: A 12-Year Old Summary of Robust Unstructured Simplicity
Satoshi Nakamoto’s Bitcoin White Paper: A 12-Year Old Summary of Robust Unstructured Simplicity Cryptocurrency supporters all around the world are celebrating
Marcel Pechman2 hours agoArbitrum (ARB) falls to all-time low as network usage metrics declineARB’s price slumps to a new low as a decline in TVL, a decline in active addresses engaging with its DApps and a general mal
Circle K Deploys Bitcoin ATMs in Stores Across US and Canada — Over 700 Machines Already Installed
Circle K Deploys Bitcoin ATMs in Stores Across US and Canada — Over 700 Machines Already Installed A leading convenience and fuel retailer, Circle K, is deploy
Hierarchies of Money: Why You Use Bank Money But the Bank Wants Reserve Currency
Hierarchies of Money: Why You Use Bank Money But the Bank Wants Reserve Currency While people tend to think of money as being all the same, the fact is governments and banks use
$333 Million in Bitcoin Vanished from FTX Days Before the Company Filed for Bankruptcy Protection
$333 Million in Bitcoin Vanished from FTX Days Before the Company Filed for Bankruptcy Protection While it’s widely reported that hundreds of millions of dollars in Ethereum
Jesse Coghlan3 hours agoElon Musk tweets and Twitter bot spam influences altcoin prices: StudyThe study also questioned whether FTX or Alameda had any role in coordinating Twitter bot activity for its own gain.1592 Total
Stock market slump trickles into today’s Bitcoin and altcoin correction
Marcel Pechman1 hour agoStock market slump trickles into today’s Bitcoin and altcoin correctionWhat’s behind the correction in the US stock market and how might it continue to negatively impact cryptocurrencies?1563
Brayden Lindrea6 hours agoBug in Fed’s payment system prevents Americans from getting paidBanks stressed customer accounts “remain secure” and balances will be updated as soon as the issue is resolved.1956 Total vi