Crypto analyst says things are ‘about to get interesting’
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Ethereum price started next week. Last week’s increase extendedIt started after bouncing off the support level of $2,350. This run showed the current Ethereum price. It is heading towards resistance at $2,800.Bulls hope for a breakout before the stock runs out.
In light of the recent Ethereum price fluctuations, a cryptocurrency analyst has pointed out that major altcoins are gearing up for major moves and things are about to get interesting.
Ethereum price is about to get interesting.
According to an analyst known as @IamCryptoWolf on social media platform
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that Forecast is based After analyzing the price movement of Ethereum against the US dollar (ETH/USD) over a three-day candlestick period, the analyst identified the formation of an inverse head and shoulders pattern.
This inverted head and shoulders pattern is considered a strong reversal signal in technical analysis and indicates a transition from a downtrend to an uptrend. This pattern consists of three lows: the left shoulder, the head, and the right shoulder.
The head forms the deepest trough, while the two shoulders form smaller troughs. The neckline, which connects the peaks between the shoulders, acts as an important level of resistance. When price action clearly moves beyond this neckline, there is often a surge in bullish momentum.
For Ethereum, analysts have identified this neckline at around $2,800. Ethereum has been trending upwards towards this level recently, suggesting a breakout could be near.
In terms of breakout targets, the analyst pointed to the $3,400 level as the first key price range to watch. A break above the $3,400 level would pave the way for Ethereum to surpass its yearly high of $3,920, retest $4,000 and perhaps even create a new level.
The $3,400 and $3,920 price targets represent increases of 25% and 45% respectively from the current Ethereum price.
Ethereum and the broader market context
Ethereum price performance in 2024 is closely related to overall market conditions, Especially the movement of Bitcoin. Many large market cap cryptocurrencies started the week on the rise. That’s because many bullish traders are hoping to continue last week’s momentum.
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The price of Ethereum surpassed $2,700 for the first time in October due to a large number of addresses over the weekend. We moved on to the long-term retention cohort.Further increasing bullish sentiment. At the time of writing, Ethereum is trading at $2,720 and is up 2.83% in the last 24 hours.
As things stand, this could be a pivotal day for the remainder of the year ahead, with Ethereum likely to see a significant rally above $2,800 before things really get ‘interesting’.
Featured image created with Dall.E, chart from Tradingview.com
