Ethereum is trading at $2,647.08 as it approaches a critical resistance level, analysts are expecting more rise if it breaks this level.
Momentum is slightly bullish based on the technical indicators. The ascending support levels and moving averages show support for an upward movement. Analysts predict that a move above $2,800 could see Ethereum to $3,500.
Technical Indicators Signal Mild Bullish Momentum
Currently, Ethereum has a 0.46% slight pullback. The 9-dat MA (2,555.99) is below the 21-day MA at $2,579, signaling a possible bullish move.
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1-day Ethereum trading chart| Source TradingView
Recent crossovers indicate upward momentum. The 9-day MA briefly has moved above the 21-day MA, a potential signal of further gains.
The Relative Strength Index (RSI) is at 57.10, meaning that it is experiencing a moderate bullish pull as it sits slightly above the neutral level of 50.
Analysis suggests that the RSI at this level indicates a steady buying pressure and more upside moves if the RSI gets to 70. However, trading below 50 likely means that trading momentum is declining, which is likely to result in short-term bearish trading.
The ongoing consolidation phase suggests that Ethereum may require a catalyst to push it beyond the nearby resistance and sustain an uptrend.
Analysts Predictions: Ethereum’s Path to $3,500
Crypto Jaibrah noted that Ethereum has now built an ascending triangle pattern on the daily chart. It is a pattern that has historically led to breakouts.
“ETH has strong buying pressure coming in as it’s been forming an ascending triangle on the daily chart,” Jaibrah said. If there was a confirmation of a breakout above $2,800 the target would be $3,500. This would signify a 29% gain.
#Ethereum is repeating history. #ETH has strong buying pressure coming in as it’s been forming an ascending triangle on the daily chart. Once we confirm a break out above $2800 the price target is $3500 a 29% price increase. The last time this happened was at the bear market… pic.twitter.com/Fm19WxYkVQ
— Crypto Jaibrah (@Joyfuljairo123) October 30, 2024
He further stated that the same pattern was witnessed at the bear market bottom prior to a breakout. This registered a 98% bounce, making the pattern hold great history.
Furthermore, Crypto Yapper noted that Ethereum at the moment has a bullish structure as it approaches the $2,800 resistance.
“ETH is coming closer to the topside resistance,” said analyst Yapper, adding that a breakout of this level could take the price to the next level of $2,900. As per both analysts, $2,800 serves as a crucial level.
Breaking it would validate a new phase of bullish momentum, drawing in more buyers.
$ETH PUMPING !
After bouncing from support, #ETH is now coming closer to the topside resistance
If #Ethereum breaks this horizontal level, $2,900 is next ! pic.twitter.com/pDJSPNBa5o
— Crypto Yapper (@CryptoYapper) October 30, 2024
The bullish outlook relies on Ethereum maintaining its upward trajectory, particularly if buying pressure sustains the price above the ascending support line.
If ETH clears $2,800, Crypto Jaibrah’s projection of $3,500 becomes a potential target, driven by the continued demand and technical patterns supporting higher lows.