Ethereum Price on Track to Break This 6-Week-Old Barrier

NiceHash
Ethereum’s Path to a 6-Week High Hinges on These Key Holders
Changelly


Ethereum (ETH) price has recently experienced a 13% decline, with prices dipping towards the end of September. Despite this drop, Ethereum is currently holding strong above its bear market support floor, suggesting that the cryptocurrency may be poised for a recovery. 

Investors are now looking for bullish signals that could push ETH beyond the six-week barrier, bringing new opportunities for price growth.

Ethereum Investors Are Resilient

Ethereum’s long-term holders (LTHs) are showing renewed strength, as indicated by the Liveliness metric. This indicator tracks LTHs’ behavior, declining when they accumulate and increasing when they liquidate their holdings. Currently, the LTHs are in accumulation mode, a positive sign for Ethereum’s price trajectory. 

As more holders choose to HODL, the potential for a bullish breakout increases, signaling long-term confidence in the cryptocurrency. This stability could be the foundation Ethereum needs to break through its current resistance levels.

okex

Read more: How to Invest in Ethereum ETFs?

Ethereum Liveliness. Source: Glassnode

From a technical perspective, Ethereum is also showing signs of macro-bullish momentum. The Relative Strength Index (RSI) has been trending positively since the beginning of August, hovering near the neutral line at 50.0. Once this line is flipped into support, Ethereum’s bullish momentum will likely gain further strength, pushing prices higher. 

The macro momentum, supported by technical indicators like the RSI, suggests that Ethereum is building a solid foundation for further gains. If the broader cryptocurrency market remains stable, Ethereum could capitalize on this momentum and target higher price levels in the coming weeks. 

Ethereum RSI
Ethereum RSI. Source: TradingView

ETH Price Prediction: Old Barriers, New Highs

Ethereum is currently trading at $2,431, holding above the critical 23.6% Fibonacci Retracement level at $2,401, also known as the bear market support floor. As long as ETH remains above this level, it is likely to continue consolidating while awaiting a bullish trigger that could drive its price higher.

Should the anticipated bullish signals arrive, Ethereum could surge towards $2,591. This level coincides with the 38.2% Fibonacci line, and flipping it into support could allow ETH to rise towards $2,745. Notably, this price point has remained unbreached for the past six weeks, making it a key target for Ethereum’s next breakout.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum Price Analysis.
Ethereum Price Analysis. Source: TradingView

However, if Ethereum fails to gather enough momentum to surpass $2,591, the price may consolidate within this range, remaining above $2,401. This lack of movement would invalidate the bullish outlook, leading to a prolonged period of sideways trading.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



Source link

Blockonomics

Be the first to comment

Leave a Reply

Your email address will not be published.


*