Originally published on: October 11, 2024
As Ethereum’s price hovers around $2,440, traders are eyeing a potential 40% surge for the altcoin. Despite recent market volatility for Bitcoin, Ethereum has maintained a stable position, showcasing only a 1% decline in weekly returns.
Looking at the weekly chart, Ethereum remains bullish, holding above the 200-day EMA trendline, suggesting favorable conditions for a positive breakout in the ETH/USD trading pair.
Recent analysis has identified bullish signs for Ethereum, hinting at a possible bullish breakout reminiscent of previous market fractals observed in 2021 and 2024. The pattern suggests a significant rally could be on the horizon for Ethereum, with a target of $3,375, representing a 40% increase from its current price.
Moreover, the ETH/BTC chart is signaling a potential bottom, further supporting the case for a bullish reversal. The formation of a double bottom pattern on the daily chart indicates a likely bullish market sentiment, with a success rate of 75-80%.
While some analysts predict a minor pullback for Ethereum, others foresee a bullish breakout, emphasizing the importance of monitoring the price action in the coming weeks to gauge the altcoin’s trajectory accurately.
It is essential to conduct thorough research and analysis before making any investment decisions. Stay updated on market trends and insights to navigate the dynamic cryptocurrency landscape effectively.
