- ETH has surged by 4.36% over the past month.
Ethereum was experiencing an upward momentum, signaling more gains if $2264 support holds.
As a seasoned analyst with over two decades of market experience under my belt, I’ve seen enough bull and bear markets to know that reading charts is just one piece of the puzzle. From my perspective, Ethereum (ETH) seems to be on an upward trajectory, thanks to its recent surge of 4.36% over the past month. However, as Man of Bitcoin rightly points out, we must remain cautious and consider other market indicators.
After reaching a lowest point at $2309, Ethereum [ETH] has experienced a significant surge in value. Consequently, the recent growth has overshadowed any previous declines, resulting in positive returns for the month of October.
Currently, at the point of composing this text, Ethereum was being transacted at approximately $2525. This represented a 2.44% growth over the preceding 24 hours. Moreover, ETH experienced a 4.36% uptick in the past month and continued its bullish trend with a 1.53% ascent on weekly charts.
Examining closely, it appears that there’s been a significant boost in transactions involving this alternative coin. Consequently, its trading volume swelled by approximately 35.51%, reaching an impressive $12.43 billion.
Following my predictions, these market conditions have led to discussions among crypto analysts regarding the pathway of altcoins. Among these analysts is the renowned figure, Man of Bitcoin, who posits that if Ethereum (ETH) maintains its position above $2264, the current bullish trend could prove to be valid.
Market sentiment
In the examination, the proponent of Bitcoin suggested that Ethereum is trending horizontally, indicating it’s within a holding or consolidation phase.
Based on his perspective, the recent trends depicted on price graphs suggest vulnerability, potentially pointing towards a possible decrease.
Consequently, it’s suggested by analysts that the bullish prediction holds true only if Ethereum remains trading above $2264.
Given the current position of the altcoin, analyzing with the Elliott wave theory, it suggests that we might be approaching Wave -C of iii, which could reach approximately $3096. This indicates that the price movement lies within the robust third wave, suggesting there may still be potential for further price increases ahead.
If the altcoin can’t maintain this level and instead shows signs of a decline, it suggests that Wave -iv might be shifting towards a downtrend.
What ETH charts say..
Without a doubt, Man of Bitcoin’s analysis points towards a more reserved view on Bitcoin’s future. But, it’s crucial to double-check the findings and examine how other market signals might be interpreting things differently.
For example, Ethereum’s Long/Short ratio has remained above over the past 24 hours. At press time, ETH’s long/short ratio was 1.1195 signaling increased demand for long positions.
As such, long position holders are dominating the market as they continue to open new trades.
Over the last five days, there’s been a continuous drop in Ethereum’s Supply/Exchange ratio. This decrease indicates that investors are choosing to keep their ETH instead of selling it. This action often leads to a reduction in available tokens, creating a situation known as a “supply squeeze.
Read Ethereum’s [ETH] Price Prediction 2024–2025
To put it simply, the amount of Ethereum entering exchanges over the past four days has decreased, indicating that investors are more inclined towards holding onto their ETH rather than selling it. This is suggested by a drop in the exchange ratio, which shows a decrease in the supply available on these platforms.
Essentially, Ethereum (ETH) is currently experiencing an uptrend, and according to earlier analysis, this trend remains valid if the support at $2264 holds firm. Given the optimistic market mood and investor enthusiasm, Ethereum might try to break through the near-term resistance level of $2727.
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2024-10-14 17:11