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Cryptocurrency News Articles
Ethereum (ETH) Nears $2,800 as Analysts Share a Significantly Positive Outlook on the Asset
Oct 22, 2024 at 01:30 am
In recent months, Ethereum (ETH) holders have had their belief in the asset shaken amid changing token supply dynamics, market underperformance, and seemingly unending selling pressure.
Recent ETH price performance has sparked optimism among some traders, with several highlighting the asset's strength in a market showing signs of recovery.
In recent months, Ethereum (ETH) holders have faced challenges with the asset’s token supply dynamics, market underperformance, and selling pressure. However, in the past few days, the asset has shown strength in a run that has seen it outpace crypto market leader Bitcoin (BTC) and approach a two-month high.
At the time of writing, ETH is trading around the $2,700 price level, less than 4% away from the $2,800 price level, which it last traded at towards the end of August 2024. The asset is nearing a two-month high. In the past seven days, it has surged over 7% from around the $2500 price point to current levels, outperforming BTC, which has only seen a 5% increase.
Amid ETH’s recent price performance, several analysts have shared a positive outlook on the asset.
“The Most Interesting Chart”
In a Monday, October 21 post, veteran commodities trader Peter Brandt suggested that ETH topped the list of most interesting chart developments he could see. The statement came as the analyst shared a chart asserting that the asset had broken out of an inverted head and shoulders chart pattern on its daily candle chart, which could be the beginning of a long-term bullish run.
The most interesting chart developments I see right now
See thread
1) $ETH closing price chart inverted H&S pattern
I am flat in ETH
pic.twitter.com/OCG0GcTdxF
Citing a similar chart pattern, prominent stock and crypto trader “IncomeSharks” shared a chart with a near-term target of $3,000.
$ETH – No one wanted it a week ago but the chart was still bullish. Now we are breaking out of the diagonal.
https://t.co/QKbp9YwFVL
pic.twitter.com/QmiDzSCjLJ
IncomeSharks is, however, not alone in this view. Prominent crypto analyst Ali Martinez has suggested ETH could surge to the $3,300 price point if it can hold support at the $2,660 price point.
Still, users must be careful not to act out of FOMO, as the $2,800 level has previously provided strong resistance.
On the Flipside
ETH has notably underperformed BTC in 2024, with the asset’s 30% year-to-date gains lagging behind BTC’s 45%.
The recent price performance comes amid a broader crypto market recovery, which has seen BTC rally over 15% in the past 30 days.
Why This Matters
A significant price rally will likely allow ETH to shake the overwhelmingly negative sentiment in the past few months.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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