As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have learned to navigate its volatile waves with a keen eye and steady hand. Today, observing the Ethereum (ETH) market dynamics, I find myself intrigued by the current upward trend.
Based on CoinStats, buyers are maintaining their early advantage over the weekend.
ETH/USD
The rate of Ethereum (ETH) has gone up by 2.20% over the past 24 hours.
On an hourly timeframe, Ethereum’s price has increased following a misleading drop below its immediate support at around $2,411. If today’s candle ends significantly away from this level, the uptrend could potentially extend towards the resistance level by tomorrow.
Over a larger time period, traders should pay attention to the significant level at around $2,466. Should a breakout occur, there could potentially be enough momentum for a prolonged uptrend towards the $2,500 – $2,600 range.
Such a scenario is relevant until the end of the upcoming week.
Looking from a midterm perspective, it seems that buyers might lack the necessary momentum to continue increasing, especially if the week ends near the current price levels. Under such circumstances, it’s more probable that we’ll see a period of stability within the range of $2,300 to $2,600.
Ethereum is trading at $2,418 at press time.
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2024-09-14 20:38