As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I can’t help but feel a sense of anticipation when analyzing the current trend of Ethereum (ETH). The 1.8% surge in ETH since yesterday and the impressive 9.70% rise over the past week has certainly caught my attention.
Bulls keep holding the initiative on the last day of the week, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has increased by almost 2% since yesterday. Over the last week, the price has risen by 9.70%.
According to the hourly chart, the value of ETH has surged following its breach of the local resistance level at around $2,653.
If the closing price of the daily bar surpasses the previously mentioned level, it’s likely that the upward trend will persist, potentially reaching the $2,750 range the following day.
Over a larger time period, the primary cryptocurrency’s price is approaching the $2,702 mark. Should it breach this level, there could be enough built-up momentum to reach the $2,800 region in the coming days.
A positive trend persists in the weekly chart as well. If this week’s candle closes near its current value without a large lower shadow, it may signal further increase towards the $2,800-$3,000 range before the month ends.
Ethereum is trading at $2,702 at press time.
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2024-10-20 18:32