By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
KriptotekaKriptoteka
  • Home
  • News
    • Web3
    • Crypto News
    • Market Analysis
  • Market
    • AI
    • Altcoins
    • Bitcoin
    • Blockchain
    • CEX
    • Defi
    • DePIN
    • DEX
    • ETFs
    • Ethereum
    • Gaming
    • ICO/IDO
    • Institutions
    • L1&L2
    • Meme
    • NFT tech
    • RWA
    • Stable coins
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
Reading: Ethereum Targeting $2,800 as Price Approaches Key Resistance
Share
Notification Show More
Font ResizerAa
Font ResizerAa
KriptotekaKriptoteka
  • Home
  • News
  • Market
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
  • Home
  • News
    • Web3
    • Crypto News
    • Market Analysis
  • Market
    • AI
    • Altcoins
    • Bitcoin
    • Blockchain
    • CEX
    • Defi
    • DePIN
    • DEX
    • ETFs
    • Ethereum
    • Gaming
    • ICO/IDO
    • Institutions
    • L1&L2
    • Meme
    • NFT tech
    • RWA
    • Stable coins
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Kriptoteka > Crypto News > Ethereum Targeting $2,800 as Price Approaches Key Resistance
Crypto News

Ethereum Targeting $2,800 as Price Approaches Key Resistance

marcel.mihalic@gmail.com
Last updated: October 20, 2024 4:05 pm
By marcel.mihalic@gmail.com 5 Min Read
Share
SHARE
This article is also available in Spanish.

Ethereum is currently testing a significant resistance level near $2,640, with many analysts suggesting that a breakthrough at this point could initiate a substantial price increase. As the entire cryptocurrency market gathers momentum, investor optimism is rising, with many eager for Ethereum to align with Bitcoin’s recent gains.

Market sentiment is looking favorable, and traders are carefully observing to determine if ETH will make a decisive move soon. Leading analyst and investor Carl Runefelt has shared a technical analysis indicating a positive outlook for Ethereum in the near future. He believes that a successful breakout above $2,640 could propel ETH to significantly higher prices, in line with the market’s bullish trend.

Related Reading

As the market gains strength, the upcoming week will be vital not only for Ethereum but for the entire crypto industry, as investors brace for what may mark the inception of a new rally.

With crucial resistance being tested and bullish momentum building, Ethereum’s next move is likely to set the pace for its performance in the short to mid-term. Investors and analysts remain vigilant, as the results of this resistance test could dictate the direction of Ethereum’s price movements in the imminent future.

Ethereum Requires A Clear Breakout

Ethereum appears poised for a substantial rally, with current price movements indicating a push towards new peaks. The market is alive with excitement as sentiment grows and bullish energy strengthens, pushing ETH closer to a potential breakout.

Following weeks of consolidation, Ethereum seems on the verge of breaking out of a bullish configuration, positioning itself for a potential price surge.

Top analyst and investor Carl Runefelt has shared his technical insights on X, emphasizing that Ethereum needs a clean breakout from its existing ascending triangle pattern.

Ethereum needs a clean break out of this ascending triangle
Ethereum needs a clean break out of this ascending triangle | Source: Carl Runefelt on X

According to Runefelt, the upside target is $2,800, which signifies the last significant resistance level from the two-month consolidation phase ETH has endured. A successful breakout from this critical level could signal the onset of a potential rally, instilling confidence throughout the market.

Runefelt also highlighted the significance of this lower timeframe price action, labeling it essential for Ethereum’s long-term growth. A breakout above $2,800 would pave the way for even higher levels, positioning ETH favorably alongside the broader bullish sentiment in the crypto market.

Related Reading

With positive sentiment gathering strength, traders and investors are attentively observing whether ETH will finally synchronize with Bitcoin’s recent upswing and chart a path toward new highs.

Critical Levels To Monitor

Ethereum is trading at $2,640 after several days of volatile price action, sitting just below the pivotal $2,650 resistance level. A breakout above this point is crucial for bulls to regain momentum, with the next target being a reclaim of the 200-day exponential moving average (EMA) at $2,797.

ETH testing key resistance at $2,650
ETH testing key resistance at $2,650 | Source: ETHUSDT chart on TradingView

Nonetheless, there remains the potential for ETH to struggle in breaking through this resistance, which could lead to an exploration for liquidity in lower demand zones. If the price fails to surpass $2,650, a more pronounced retracement might happen as the market searches for support.

Despite this potential drawback, as long as Ethereum remains above the $2,500 threshold, the overarching bullish sentiment stays intact, offering encouragement to investors hoping for an eventual rally.

Related Reading

In the days ahead, Ethereum’s capacity to breach these resistance levels will be pivotal in determining whether it will sustain its upward trend or encounter a temporary reversal. The market remains cautiously optimistic, with traders keeping a close eye out for a definitive move above key resistance that could validate the next phase of the rally.

Featured image from Dall-E, chart from TradingView

You Might Also Like

Netherlands Introduces Crypto Tax Compliance Aligned with EU

SUI’s RSI Declines: Bearish Signals Suggest More Downside Ahead

$22M Crypto Scam Takes $21.6M from 40,000 Investors

XRP Active Addresses Soar—Is a Market Shift on the Horizon?

Bitcoin’s Capital Inflows Surge: Investors’ Demand Grows Strong

Share This Article
Facebook Twitter Email Print
Previous Article US Regulators Close Bank in 2024’s Second Major Failure
Next Article Coffeezilla Exposes Andrew Tate for False Crash Promotions[embed]https://www.youtube.com/watch?v=e4UJE8XbrUs[/embed]
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

FacebookLike
TwitterFollow
YoutubeSubscribe
TelegramFollow
- Advertisement -
Ad image

Latest News

4 Cryptos to Challenge Solana: Potential Growth for Investors
Defi
Bitcoin ETF Inflows Exceed $3B, Demand Reaches 6-Month Peak
ETFs
Japan’s Push for Bitcoin and Ethereum ETFs Gains Momentum
Institutions
Ripple Appeals Court Ruling on XRP’s Institutional Sales
Meme
//

We influence millions of users and is the number one Crypto and Web3 news network on the planet

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?