As an analyst with over two decades of experience in the financial markets, I have seen countless market fluctuations and trends. Today’s cryptocurrency rally, particularly Ethereum’s 0.56% increase over the last day, is a sight that I am all too familiar with.
As reported by CoinStats, the recent adjustments haven’t persisted for long, and it appears that most cryptocurrency prices are on an upward trend today.
ETH/USD
The rate of Ethereum (ETH) has increased by 0.56% over the last day.
On an hourly timeframe, the Ethereum price sits comfortably within a tight trading range. With much of today’s average true range having already been traversed, it seems unlikely that significant price swings will occur before the day ends.
Looking at a larger perspective, the primary altcoin’s rate hasn’t yet reached crucial levels. For traders looking to re-enter the market, they should aim to push the price up to at least the intermediate zone around $2,700.
If that happens, there might be a possibility to see a test of the resistance of $2,799 soon.
On the weekly scale, the scenario mirrors the daily perspective. Should the price revisit around $2,780, traders might observe a surge towards the $3,000 zone.
Ethereum is trading at $2,616 at press time.
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2024-10-18 16:40