With the crypto market experiencing an increase in price action, altcoins have regained momentum by recording significant price volatility in their respective valuations. Moreover, with the rising whale/institutional activities, the on-chain data shows an increase in the accumulation of top tokens.
Moreover, with a rate cut of 50BPS by the US during the recent FOMC meeting, the odds have once again started favoring the crypto market. Further, with the Ethereum price reclaiming the $2.4k level, speculations about a possible breakout rally have intensified.
Planning on investing in the Ethereum (ETH) token during this time of uncertainty? In this article, we have uncovered the market mysteries of the leader of altcoins for the upcoming weeks!
ETH Price Enters A Crucial Watch Zone!
Amid a bullish recovery in the cross-border financial system, the altcoin leader, Ethereum price has recorded a jump of 7.12% in its valuation this week alone. Moreover, with a 24-hour volume of $20.97 billion, it has successfully reclaimed the $2.4k mark.
However, from the long-term perspective, it has continued trading under a descending channel pattern since August. Moreover, it has plunged ~14% within the past 26 days and has a monthly return of -8.52%. This indicates a strong bearish sentiment in the market.
Ethereum Technical Sentiments
The SMA indicator is on the verge of recording a bullish convergence in the 1D time frame. This suggests increased bullish sentiment for the altcoin leader in the market.
Further, the MACD shows a rising green histogram in the Ethereum price chart with its averages displaying a rising bullish pattern. This highlights that the ETH coin will continue gaining value in the coming time.
Will The ETH Price Go Up?
A bullish breakout could result in the Ethereum crypto heading toward its resistance level of $2,530. Furthermore, if the bullish sentiment intensifies, it could result in the altcoin preparing to test its upper high of $2.8K in the coming time.
On the flip side, if the bulls face rejection at its resistance level of the descending channel pattern, this could result in the price of ETH crypto plunging toward its low of $2.1K during the upcoming weeks.
For the long-term price target, Read our Ethereum Price Prediction 2024 – 2030
