Originally published on: October 31, 2024
Ethereum has been struggling to gain bullish momentum in recent months, with minimal growth compared to Bitcoin. Despite a lack of interest from investors, analysts are optimistic about Ether’s future.
Independent trader Poseidon believes that Ethereum’s recent drop to $2,382 marked its “final dip” before a significant rebound. The altcoin quickly recovered above $2,500, indicating a strong bullish sentiment. Poseidon predicts an 88% return on investment from $2,500, with new all-time highs on the horizon.
Additionally, the ETH/BTC chart is approaching a key support level, suggesting a potential trend reversal. Analyst MaxBecauseBTC highlighted the significance of this level in Ethereum’s price movement since 2016.
From a technical perspective, Ethereum is poised for further gains, with an ascending triangle forming on the daily chart. The price is expected to retest the $2,550 to $2,600 range, with a target of flipping key EMA levels to confirm bullish momentum.
The RSI and Bollinger Bands support a positive outlook for Ethereum, with a potential breakout above $2,800. However, readers should conduct their own research before making investment decisions.
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