Ethereum (ETH) Price Analysis: Key Resistance Level at $2,820 to Watch
Ethereum’s Next Big Move: $2,820 Resistance in Focus
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Following the recent market surge, Ethereum (ETH) has been making impressive strides. While it has consolidated above key support, the road ahead holds a significant resistance level that could determine the next chapter in its price journey.
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After a 13% surge in the past week, fueled by the US Federal Reserve’s interest rate cut, ETH has reclaimed the $2,600 mark. However, it’s facing resistance at around $2,650, a level that could either act as a launchpad for further gains or a potential turning point.
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Expert Insights: Looking Beyond $2,650
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Market analyst Crypto Yapper observes that ETH’s inability to break above the $2,650 level on the daily chart could potentially hinder its upward momentum. Meanwhile, trader Daan points out that ETH has formed a higher low but is yet to establish a higher high. Breaking through the $2,820 mark, a level previously lost over a month ago, would signify a trend reversal and could potentially drive ETH towards $3,000.
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Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), draws parallels between ETH’s current chart and its 2023 movement. If history repeats, a breakout could propel ETH to a new all-time high (ATH) by mid-to-late October. The chart suggests potential price targets ranging from $10,000 to $20,000 by Q1 2025, representing a significant upside.
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Key Takeaways:
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- ETH is currently trading above $2,600 after a recent price surge.
- The next crucial resistance level to watch is $2,820, which could signal a trend reversal.
- Breaking above this level could push ETH towards $3,000 and potentially trigger a new ATH by mid-to-late October.
- Long-term price targets, based on historical patterns, suggest a potential reach of $10,000 to $20,000 by Q1 2025.
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While the potential for significant gains exists, remember that cryptocurrency markets are volatile and past performance is not indicative of future results. Conduct your own research and invest wisely.