- Ethereum is targeting key resistance at $3,113, with potential gains in the crypto week ahead.
- Over $1 billion in token unlocks will occur, led by Sui, ZetaChain, and Celestia.
As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen bull runs and bear markets come and go. The upcoming crypto week looks promising, with Ethereum [ETH] poised to make significant strides, targeting key resistance at $3,113.
Upcoming weeks for cryptocurrency seem optimistic, as Ethereum [ETH] kicks off the last quarter of the year in a favorable manner.
Furthermore, significant releases of tokens are anticipated, and it’s predicted that Bitcoin (BTC) and Ethereum will solidify their positions in the market as their values continue to increase.
Ethereum price prediction
Right now, Ethereum is being exchanged at approximately $2,635.16, and it’s still higher than its 50-day moving average of $2,527.49. Although there has been a minor drop of 2.13%, Ethereum continues to stay above this crucial support level.
As a crypto investor, I’ve been observing the market trends, and it seems we’ve been trading within a range from approximately $2,635 to a resistance at around $3,113. If the bullish momentum persists, the next substantial Fibonacci resistance level lies at roughly $3,759.90. This could potentially serve as a long-term target for our investments.
As an analyst, I’m optimistic about Ethereum’s potential short-term growth. If Ethereum manages to surpass its 200-day moving average at approximately $3,113, I foresee the price soaring towards the range of $3,400–$3,500.
For the near future, if we manage to surpass $3,432, it might pave the way for a possible climb towards $4,000, given the market’s cryptocurrency trends over the coming days.
If Ethereum doesn’t manage to surpass the $3,113 barrier, there’s a possibility it might retreat to its 50-day moving average, which is around $2,527.
If the price falls below this point, it might continue to drop towards $2,400. In the event that selling intensity grows, the price could potentially test the support level at $2,000.
Major token unlocks
An important happening in the upcoming crypto week is the distribution of tokens valued at over a billion dollars. From October 1st, Sui (SUI) will release approximately $115.55 million, while ZetaChain (ZETA) will unveil around $38.59 million.
On October 4th, Immutable X (IMX) plans to distribute approximately $58.78 million in tokens. The most significant token release is scheduled for later in the month, as Celestia (TIA) anticipates unveiling over $1 billion worth of tokens.
Bitcoin and Ethereum maintain market dominance
Regardless of recent ups and downs, it’s clear that Bitcoin and Ethereum remain the leading players in the cryptocurrency sector. As per CoinMarketCap data, Bitcoin commands about 56% of the total market share, while Ethereum makes up approximately 14%.
Historically, October tends to be a favorable month for cryptocurrencies, and it’s anticipated that their influence will expand even more during the upcoming crypto-focused week.
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2024-10-01 21:43