- Ethereum aims to break through crucial resistance at $3,113, with promising opportunities anticipated in the upcoming crypto week.
- More than $1 billion in token unlocks are on the horizon, spearheaded by Sui, ZetaChain, and Celestia.
The forthcoming crypto week appears bright, as Ethereum [ETH] begins the last quarter of the year on a strong footing.
Furthermore, several significant token unlocks are projected, with both Bitcoin [BTC] and Ethereum likely to solidify their market positions amidst rising prices.
Ethereum price forecast
At the time of writing, Ethereum was priced near $2,635.16, remaining above its 50-day moving average of $2,527.49. Even with a recent 2.13% dip, Ethereum continues to hold this vital support level.
Currently, it fluctuates between $2,635 and resistance at $3,113. The next notable Fibonacci resistance is positioned at $3,759.90, potentially serving as a long-term aim if the bullish momentum persists.
In the short term, a successful breach of the 200-day moving average at $3,113 could lead the price to surge towards $3,400–$3,500.
In the medium term, breaking through $3,432 might pave the way for a potential climb towards $4,000, contingent upon market sentiment in the crypto week ahead.
Source: TradingView
However, should Ethereum fail to surpass the $3,113 resistance, a retreat to the 50-day moving average at $2,527 may occur.
A drop below this level could trigger further declines toward $2,400, and if selling pressure intensifies, support around $2,000 may come under scrutiny.
Significant token unlocks
A pivotal event in the upcoming crypto week involves the unlocking of over $1 billion worth of tokens. Beginning on October 1st, Sui (SUI) is set to unlock approximately $115.55 million, while ZetaChain (ZETA) will unlock around $38.59 million.
On October 4th, Immutable X (IMX) will unveil $58.78 million in tokens. The largest unlock is anticipated later in the month, with Celestia (TIA) releasing tokens exceeding $1 billion.
Bitcoin and Ethereum uphold market supremacy
Despite recent market fluctuations, Bitcoin and Ethereum maintain their dominance in the cryptocurrency landscape. Bitcoin commands a 56% market share, while Ethereum represents 14%, as reported by CoinMarketCap.
Traditionally, October has been favorable for cryptocurrencies, and their dominance is projected to increase further in the upcoming crypto week.
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