Originally published on: October 11, 2024
Ethereum’s price has remained within a tight range of $100 following a dip below $2,450 on Oct. 2, in contrast to Bitcoin’s market volatility. Despite this, Ether has seen only a slight 1% decline in weekly returns.
The altcoin has maintained a bullish position on the weekly chart by staying above the 200-day EMA trendline, indicating positive momentum for the ETH/USD trading pair.
A potential breakout for Ethereum may be on the horizon as several bullish signals emerge, suggesting a positive price movement in the coming weeks.
Last month, a market fractal was observed in Ether’s price action, echoing patterns from previous bullish breakouts. The formation of a lower high in September confirms the possibility of a bullish breakout in the near future.
Similarities between previous fractals in 2024 indicate a potential price rally, with Ethereum testing key Fibonacci lines during crucial phases. The current market movement aligns with previous patterns, supporting the case for a bullish breakout.
With equal lows forming around $2,300, Ether may have reached the final phase of the fractal, potentially leading to a significant price surge to $3,375.
Additionally, the ETH/BTC chart suggests a market reversal, with the potential formation of a double bottom pattern, indicating a bullish sentiment for Ethereum.
While some analysts predict a slight drop in price before a bullish breakout, the overall outlook remains positive for Ethereum’s price trajectory.
As investors monitor these key indicators, Ethereum’s price movement in the coming weeks will be crucial for determining its next direction. Stay informed and conduct your own research before making any investment decisions.
