Ethereum’ssupportlinehasheldfirmlyat$2,770,preventingfurtherdownsideoverthepastthreemonths.
AnalystsexpectapossiblebreakoutinNovemberorDecember,pushingEthereumtowarda$3,700target.
Marketdynamicsindicateabullishtrend,withthe100EMAsupportingETH’supwardtrajectory.
Ethereum(ETH)isholdingstrongatavitalsupportline,signalingpossiblebullishmomentumahead.Accordingtoathree-daypricechart,Ethereumhasmaintaineditspositionalongarisingsupportlinethathassustaineditsrecentuptrend.Thispatternandtechnicalsignalssuggestapossiblebreakoutbyyear-end,withanalystseyeingatargetof$3,700.
$ETH#ETH3Dchart|Midtermperspective
Supportlineheldbrilliantly!👌
We’vebeenstuckbetweentheSupportline&HorizontalResistance($2770-2870)for3monthsnow.
IthinkinNovember-Decemberwe’llbreakout📈
🎯Target–$3700pic.twitter.com/n9N3Wqk8Jc
—CryptoBullet(@CryptoBullet1)October31,2024
KeyResistanceRangeat$2,770–$2,870ConstrainsPriceMovement
Ethereum’spricehasbeenconfinedtoacrucialhorizontalresistancezoneof$2,770to$2,870anditsunderlyingsupporttrendlineforthepastthreemonths.Thisrangehaskeptthecryptocurrencyfromsignificantadvancesdespitesustainedbuyingpressure.Thehorizontalresistance,rangingfrom$2,770to$2,870,marksacriticalareathattraderscloselywatch.
WithNovemberandDecemberapproaching,analystspredictEthereummightbreakoutofitscurrentrange.Amovebeyondtheestablishedhorizontalresistancecouldsetthestageforasignificantupwardshift.ShouldEthereumbreakthroughthiszone,thenexttargetisforecastedat$3,700,markingapotential30%increasefromcurrentlevels.Thisprojectionisbasedoncurrentpricemomentum,technicalindicators,andETH’sstrongsupportframework.
100-DayEMASupportsEthereum’sUptrend
The100-dayEMA,whichrunsparalleltothepricemovements,reinforcestheunderlyingtrendsuggestingthatEthereum’supwardtrajectorycouldremainintactifthesupportlinecontinuestohold.ThecombinedimpactoftheEMAandkeysupportat$2,770providesasolidfoundationforEthereumasitpotentiallyheadstowardthenexttarget.
Ethereum(ETH)experiencedanotabledowntrendover1day,withthepricedecreasingby4.86%to$2,519.12.Thisdropalignswithdecliningmarketsentiment,asthe24-hourtradingvolumefellby12.79%to$19.56billion.Marketcapalsodecreasedby4.97%,settlingat$303.32billion.Throughouttheday,Ethereum’spriceinitiallyheldsteadynearthe$2,650levelbeforesharplydecliningintheafternoon,indicatingsignificantsellingpressurethatpushedthepricetocurrentlevels.The
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