{"id":649065,"date":"2024-10-21T19:30:18","date_gmt":"2024-10-21T19:30:18","guid":{"rendered":"https:\/\/wncen.com\/?p=649065"},"modified":"2024-10-21T13:40:31","modified_gmt":"2024-10-21T13:40:31","slug":"ethereum-price-prediction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-prediction\/","title":{"rendered":"Ethereum Price Prediction: Crypto Analyst Says Things Are ‘About To Get Interesting’"},"content":{"rendered":"

The Ethereum price started the new week by <\/span>extending last week’s gains<\/span><\/a>, which kicked off after it bounced off support at $2,350. This run has seen the Ethereum price now<\/span> pushing towards resistance at $2,800<\/span><\/a>, which the bulls look forward to breaking before the week runs out.<\/span><\/p>\n

In light of the recent Ethereum price move, a crypto analyst has noted that the leading altcoin is gearing up for a massive move, and things are about to get interesting.<\/span><\/p>\n

Things Are About To Get Interesting With The Ethereum Price<\/h2>\n

According to the analyst, known as @IamCryptoWolf on social media platform X, the current market conditions and technical setup suggest that Ethereum could be gearing up for a significant breakout, hinting that “things are about to get interesting.<\/span><\/p>\n

Related Reading: FLOKI Breaks Out Of Downtrend: Analyst Predicts 200% Rally To New All-Time High<\/a><\/div>\n

The <\/span>prediction is based <\/span><\/a>on an analysis of Ethereum’s price action against the US dollar (ETH\/USD) on a 3-day candlestick timeframe, where the analyst has identified the formation of an inverse head and shoulders pattern.<\/span><\/p>\n

This inverse head-and-shoulders pattern is considered a powerful reversal signal in technical analysis, indicating a transition from a downtrend to an uptrend. The pattern consists of three distinct lows: the left shoulder, the head, and the right shoulder.\u00a0<\/span><\/p>\n

The head forms the deepest low, while the two shoulders are smaller lows. The neckline, connecting the peaks between the shoulders, acts as a critical resistance level. Once price action breaks above this neckline decisevely, it often sparks a surge in bullish momentum.<\/span><\/p>\n

In the case of Ethereum, the analyst identified this neckline at approximately $2,800. Ethereum has recently been trending upwards toward this level, suggesting that a breakout may be close.\u00a0<\/span><\/p>\n

In terms of a breakout target, the analyst pointed to the $3,400 level as the first key price zone to watch. Breaking out of the $3,400 level would open up the path to Ethereum retesting its yearly high above $3,920 towards $4,000 and probably even creating a new one.\u00a0<\/span><\/p>\n

\"Ethereum<\/p>\n

The $3,400 and $3,920 price targets represent 25% and 45% increases, respectively, from the current price of Ethereum.<\/span><\/p>\n

 <\/p>\n

Ethereum And The Broader Market Context<\/h2>\n

The Ethereum price performance in 2024 has been closely tied to the overall market conditions, <\/span>particularly Bitcoin’s movements<\/span><\/a>. Many large market cap cryptocurrencies have started the week with gains, as many bullish traders look to continue on last week’s momentum.<\/span><\/p>\n

Related Reading: Crypto Analyst Sets 3 Major Targets For XRP Price, Going As High As 4,800% Return<\/a><\/div>\n

The Ethereum price broke above $2,700 for the first time in October during this weekend as many addresses<\/span> crossed into the long-term holding cohort<\/span><\/a>, further increasing the bullish sentiment. At the time of writing, Ethereum is trading at $2,720 and is up by 2.83% in the past 24 hours.\u00a0<\/span><\/p>\n

As things stand, the coming days could be pivotal for the rest of the year, with Ethereum potentially gearing up for a significant upward move above $2,800, making things \u2018about to get interesting\u2019 indeed.<\/span><\/p>\n

\"Ethereum
ETH price struggles to break $2,700 resistance successfully | Source: ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Ethereum price started the new week by extending last week’s gains, which kicked off after it bounced off support at $2,350. This run has seen the Ethereum price now pushing towards resistance at $2,800, which the bulls look forward to breaking before the week runs out. In light of the recent Ethereum price move, a crypto analyst has noted that the leading altcoin is gearing up for a massive move, and things are about to get interesting. Things Are About To Get Interesting With The Ethereum Price According to the analyst, known as @IamCryptoWolf on social media platform X, the current market conditions and technical setup suggest that Ethereum could be gearing up for a significant breakout, hinting that “things are about to get interesting. Related Reading: FLOKI Breaks Out Of Downtrend: Analyst Predicts 200% Rally To New All-Time High The prediction is based on an analysis of Ethereum’s price action against the US dollar (ETH\/USD) on a 3-day candlestick timeframe, where the analyst has identified the formation of an inverse head and shoulders pattern. This inverse head-and-shoulders pattern is considered a powerful reversal signal in technical analysis, indicating a transition from a downtrend to an uptrend. The pattern consists of three distinct lows: the left shoulder, the head, and the right shoulder.\u00a0 The head forms the deepest low, while the two shoulders are smaller lows. The neckline, connecting the peaks between the shoulders, acts as a critical resistance level. Once price action breaks above this neckline decisevely, it often sparks a surge in bullish momentum. In the case of Ethereum, the analyst identified this neckline at approximately $2,800. Ethereum has recently been trending upwards toward this level, suggesting that a breakout may be close.\u00a0 In terms of a breakout target, the analyst pointed to the $3,400 level as the first key price zone to watch. Breaking out of the $3,400 level would open up the path to Ethereum retesting its yearly high above $3,920 towards $4,000 and probably even creating a new one.\u00a0 The $3,400 and $3,920 price targets represent 25% and 45% increases, respectively, from the current price of Ethereum.   Ethereum And The Broader Market Context The Ethereum price performance in 2024 has been closely tied to the overall market conditions, particularly Bitcoin’s movements. Many large market cap cryptocurrencies have started the week with gains, as many bullish traders look to continue on last week’s momentum. Related Reading: Crypto Analyst Sets 3 Major Targets For XRP Price, Going As High As 4,800% Return The Ethereum price broke above $2,700 for the first time in October during this weekend as many addresses crossed into the long-term holding cohort, further increasing the bullish sentiment. At the time of writing, Ethereum is trading at $2,720 and is up by 2.83% in the past 24 hours.\u00a0 As things stand, the coming days could be pivotal for the rest of the year, with Ethereum potentially gearing up for a significant upward move above $2,800, making things \u2018about to get interesting\u2019 indeed. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":644621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-649065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Price Prediction: Crypto Analyst Says Things Are 'About To Get Interesting'<\/title>\n<meta name=\"description\" content=\"The Ethereum price started the new week by extending last week's gains, which kicked off after it bounced off support at $2,350.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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