As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bullish and bearish cycles. While the current upward trend in cryptocurrencies, particularly Ethereum (ETH), is promising, I always remind myself that the market can be unpredictable and volatile.
Bulls are becoming more powerful, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has gone up by 0.25% since yesterday.
On an hourly timeframe, Ethereum’s price appears to have experienced a misleading surge past its immediate resistance at around $2,639. If the current candle finishes significantly away from this level, there could be potential for a pullback towards the $2,600 region.
If investors aim for more growth over a longer period, they should consider reaching the price level of $2,699 as their first step.
If that happens, the energy might be enough for a move to the $2,800-$2,900 range.
A more pessimistic trend is evident on the weekly graph. If the candle ends significantly away from its peak, traders might observe a potential decline towards the $2,400-$2,500 range.
Ethereum is trading at $2,610 at press time.
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2024-09-26 18:31