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Ethereum (ETH), the second-largest cryptocurrency by market cap, has recently lagged behind other top tokens, posting losses on both a 24-hour and weekly basis.
Despite this decline, some analysts believe that if Ethereum can overcome critical resistance levels in the near future, it may follow seasonal trends that typically appear in “Uptober,” which could lead to a price rebound.
Ethereum is struggling to break the resistance level at $2,800
Daan Crypto Trades Technical Analyst Recently He pointed out Ethereum has yet to achieve a higher high, a feat achieved by Bitcoin (BTC) last week. In order to reverse its current trend, the analyst explains that ETH needs to break the $2,800 level, which coincides with the daily 200-day Exponential Moving Average (EMA).
Currently, the price of Ethereum has fallen by more than 1% over the past 24 hours and last week, and is currently trading at $2,611. This decline contrasts with the gains recorded over the past two weeks (14%) and the past month (4%).
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Although marked A Low top At $2,640 at the end of the previous week after a nearly 20% drop on September 6, where prices fell to $2,150, ETH is still far from the yearly high of around $4,000 achieved in the first quarter of this year and its all-time high. $4,878 as of November 2021.
in contrast, Bitcoin It recently reached a two-month high of $66,500, coming close to its all-time high of $73,700 in March, highlighting the stark difference in performance between Bitcoin and Ethereum over this period.
However, as with Daan Crypto Trades, other analysts maintain… Bullish outlook For Ethereum if the bulls hold important support levels and if the price can break through the key resistance.
Analysts expect a new all-time high in early 2025
Market expert Guru Vedas recently did just that male ETH appears to have reached a support curve on the 2-hour chart, with support levels between $2,550 and $2,600. It suggests that a recovery may be imminent from this support base.
Another analyst, known as “Bitcoin Man,” echoed this sentiment, saying: Confirming ETH can continue to rise as long as it remains above $2,560. He identified key support levels for a larger wave, ranging from $2,539 to $2,351, which are crucial for any near-term recovery.
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Adding to the optimism is analyst Ted Bellows Highlight Ethereum is forming a fractal pattern similar to the one observed during the previous bull cycle, which saw prices rise from $1,600 to $4,000.
The analyst expects the price of ETH to reach between $4,000 and $4,400 by the end of this year, with a new possibility… Highest level ever Expected in the first quarter of 2025 above $4800.
Featured image of DALL-E, chart from TradingView.com