Originally published on: October 31, 2024
The cryptocurrency market has been a rollercoaster ride for Ethereum in recent months, with ETH struggling to gain momentum while Bitcoin soars. However, one analyst believes that Ethereum’s bearish days are numbered and a new all-time high is on the horizon.
According to Poseidon, an independent trader, Ethereum experienced its “final dip” last weekend when the altcoin dropped to $2,382 before quickly recovering above $2,500. This move was seen as a “bear trap/deviation” as ETH reclaimed the 200-day EMA level in the 8-hour timeframe.
Based on Poseidon’s analysis, Ethereum is poised for an 88% return on investment from $2,500, suggesting that greener days are ahead for the altcoin. Additionally, the ETH/BTC chart is approaching a critical level, indicating a potential trend reversal.
From a technical perspective, ETH is moving higher from the ascending trendline support and forming a bullish ascending triangle on the daily chart. With overhead resistance at $2,800, Ethereum’s immediate target is to flip the 100-day and 200-day EMA levels to further bolster its price action.
While the Bollinger Bands are converging, suggesting less volatility in the short term, a daily close above $2,800 could lead to a significant price ramp-up.
It’s important to note that this article does not provide investment advice. Readers are encouraged to conduct their own research and make informed decisions when it comes to investing in cryptocurrencies. Subscribe to our newsletter for more insights and updates on the crypto market.
