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Cryptocurrency News Articles
Ethereum (ETH) Price Is in a Confirmed Bull Market Cycle, Renowned Market Analyst Peter Brandt Says
Oct 23, 2024 at 06:20 pm
This pattern, often a bullish signal, is characterized by a low point “head” that is located between two higher low points known as “shoulders”.
Market analysis summary
Renowned market analyst Peter Brandt took to Twitter on Oct. 27 to share his recent observations on Ethereum (ETH) price and chart developments.
According to Brandt, an inverted head and shoulders (H&S) pattern has emerged on ETH’s daily price chart. This pattern is often considered a bullish signal, characterized by a low point “head” positioned between two higher low points known as “shoulders.”
Brandt's analysis highlights that if the surge continues, it could be preparing ETH price for a longer sustained rally.
The H&S formation also reveals the neckline, which is currently around $2,745. Notably, ETH has already moved slightly past this level, touching $2,765, which marks October's highest price.
After establishing a breakout above the crucial $2,745 level, ETH price continued to rise, touching $2,765, and registering an overall increase of nearly 5% to reach October's highest price.
This surge comes as ETH had been trading weaker in comparison with Bitcoin. However, its recent rise signals the strength in the market.
Despite observing these positive signs, Brandt mentioned that he has not taken any position and is “flat” on ETH. Thisдержанный response indicates that traders may be waiting for stronger signals of the breakout.
In other news, October's bullish sentiments for Ether are being fueled by founder Vitalik Buterin's plan to scale the Ethereum network to over 100,000 TPS.
The solution aims to scale horizontally while maintaining decentralization and security as core values, as part of a strategy that involves optimizing Layer 1 and Layer 2 networks.
With the confirmation of Ethereum's bullish pattern, analysts are now considering potential price targets. Some, like Jacob Canfield, highlight the possibility of ETH price surging to $3,900 if the trend continues, warning against ignoring ETH's momentum.
As optimism grows, key support levels are also being identified at $2,117 and $1,932 in case of a rejection, which could serve as safety zones if ETH fails to maintain its current trajectory.
However, the prevailing sentiment suggests that the bulls may be gaining control, with many market participants keeping a close eye on ETH price.
ETH Price Action and Market Outlook
At press time, ETH price is $2,616, reflecting a 0.19% gain over the past 7 days. The cryptocurrency's market cap stands at $314.98 billion, with a 24-hour trading volume of $16.65 billion.
The MACD indicator shows a bullish signal, with the MACD line crossing above the signal line, and is further supported by a green histogram.
This suggests increasing bullish momentum for the ETH price, which is further evident in the chart's price action reaching recent highs. Additionally, the histogram indicates growing strength in the trend, pointing to further upward movement.
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