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Cryptocurrency News Articles
Ethereum (ETH) Shows Signs of a Continued Bullish Trend, Is The Bull Run Confirmed?
Sep 28, 2024 at 02:02 pm
Bitcoin has broken above a crucial resistance level, signaling a potential shift in the market and this breakthrough could be the start of a new bull market
Bitcoin price has shown a strong breakout from a crucial resistance level, signaling a potential shift in the market. This breakthrough comes after 200 days of lower highs, and the cryptocurrency is now displaying significant strength.
Historically, strong performances by Bitcoin in September and October have led to positive momentum in Q4. The data suggests that the next Bitcoin bull market could begin in just a few days.
But what about the second-largest cryptocurrency?
Ethereum price showed a strong bullish breakout from a descending trendline on the 3-day chart. This bullish momentum could lead ETH price to $3,000.
Crypto World analyst Josh recently covered the 3-day time frame for Ethereum, showing how the price is continuing to show bullish signs. As we can see, the price is holding strong in a support zone between $2,150 and $2,200, with another layer of support forming around $2,450 to $2,500.
On the resistance side, we can see a crucial Fibonacci level at $2,800, which previously acted as support but is now showing signs of resistance. If Ethereum can break and close above $2,800 on the 3-day chart, it could signal a very bullish move. A breakout would create a strong price structure, and it could pave the way for a higher push.
The analyst had noted this divergence when the price was below $2,300, predicting either a price rally or sideways movement. Now, let's take a look at the 1-day time frame to see how the bullish momentum is unfolding.
As we can see from the Fibonacci retracement, the next key resistance is around $2,670, with the 50% retracement level just above $2,800. The short-term price has faced resistance at $2,660 to $2,670, but signs of a breakout are emerging. A confirmed daily candle close above $2,670 would likely lead to a continued upward push towards $2,800. Breaking this level could then see Ethereum moving towards $3,000.
On the shorter time frame, the previous bearish divergence is no longer relevant, as the price has made higher highs and the RSI has broken out of a resistance line. Overall, Ethereum’s bullish trend is holding strong, with the larger bullish divergence on the daily chart still in play.
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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