Ethereum formed higher lows in the past two months, and this consolidation phase formed a bullish pattern that forecast a move to $3.3k.
was trading beneath the resistance zone at $2.8k which was unbeaten since August. The recent move upward was slow and lacked explosive momentum, but has been gradually building up since September.showed that accumulation was in progress, but it was unclear if this was enough to push prices past the three-month highs.Since September, Ethereum has been forming a series of higher lows. It was unable to climb past the $2.8k resistance zone, forming an ascending triangle pattern.
This lukewarm demand could weaken the size of the breakout. As things stand, a daily session close above $2.8k would ideally reach the $3,350 level. This breakout might not be imminent and could take a few days to materialize. A dip toward $2.5k was also a possibility. The RSI, though bullish, did not signal a clear trend in October. The DMI agreed with this, and at press time the ADX was falling below 20.The Open Interest and the price have been strongly trending upward in the past three days. The funding rate also surged higher over the past 24 hours. Together they indicated firm bullish belief in the lower timeframes.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum: Profit-taking stalls potential rally – Will ETH see $4K?Ethereum futures surge 40% in volume as profit-taking slows bullish momentum. Key support and resistance levels to watch.
Read more »
Odds of Bitcoin, Ethereum starting October on a positive note are…Bitcoin and Ethereum see price declines as open interest drops, but no major sell-off occurs, and both assets show signs of recovery.
Read more »
Ethereum Eyes $4,000 as Massive Token Unlocks LoomEthereum remains above its 50-day moving average, eyeing a potential rally towards $4,000. However, overcoming the $3,113 resistance is crucial. Meanwhile, massive token unlocks from projects like Celestia could impact the market.
Read more »
Could Ethereum’s new EIP 7781 help close the gap with Solana?Ethereum researchers have proposed reducing the system's slot times to improve the throughput capacity by 50%.
Read more »
Ethereum whales start to vanish – What does this mean for ETH?Ethereum whales dropped by 7% in July, while 62% of holders remain in profit. Discover if a price surge is is looming on Ethereum.
Read more »
BlackRock: Bitcoin is ‘gold alternative,’ Ethereum a ‘technology bet’BlackRock is selling Bitcoin as a 'risk-off' asset similar to gold while ETH has been packaged as speculative bet on blockchain adoption.
Read more »