As a seasoned analyst with over two decades of market experience under my belt, I’ve seen bull runs and bear markets come and go like the tides. Today, I find myself looking at the rising prices of cryptocurrencies with a mix of optimism and caution. The Ethereum (ETH) price increase by 0.56% over the last day has my attention, but I’m not ready to pop the champagne just yet.
It appears that the recent adjustments haven’t held for too long, as most cryptocurrencies are experiencing a surge in their prices today, based on data from CoinStats.
ETH/USD
The rate of Ethereum (ETH) has increased by 0.56% over the last day.
On the one-hour timeframe, the Ethereum price is currently within a relatively tight trading range. Since the majority of today’s Average True Range (ATR) has already been surpassed, it seems unlikely that significant price swings will occur before the day ends.
Over a larger time perspective, the primary altcoin’s rate is currently not close to crucial levels. For investors looking to re-enter the market, the price must be raised to a minimum of the intermediate zone, approximately $2,700, first.
If that happens, there might be a possibility to see a test of the resistance of $2,799 soon.
On the weekly graph, the scenario resembles the daily scale. Should the price return to approximately $2,780, traders might observe a surge towards the $3,000 price range.
Ethereum is trading at $2,616 at press time.
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2024-10-20 17:55