Ethereum (ETH) to $6K if it holds this crucial resistance level: analyst

TL;DR

• Despite the recent drop, some analysts suggest that ethereum (eth) could reach a new peak if it does not fall below an important level.
• On the contrary, veteran operator Peter Brandt and other indicators point to a new correction in the short term.

New ATH still possible

ethereum (eth) followed the general pullback in the crypto sector witnessed today (November 1), recording a daily drop of 5%. It is currently trading at around $2,500 (according to CoinGecko data) with a market cap of a bit more than 300 billion dollars.

Despite the negative trend, some analysts outlined bullish predictions. User x Ali Martínez x.com/ali_charts/status/1852239843549405572″ target=”_blank” rel=”noopener” data-wpel-link=”external”>reiterated his forecast that eth has the opportunity to will reach a new all-time high of $6,000 if it holds above the $2,400 resistance zone.

Another individual who contributed is Poseidon. the analyst x.com/CryptoPoseidonn/status/1852000703574688003″ target=”_blank” rel=”noopener” data-wpel-link=”external”>fiance to withdraw his eth holdings if the price falls below $2,450 and “won't last long again.” The last time the valuation fell to that mark was on October 26.

For its part, CryptoBullet shared a medium-term outlook, predicting an increase to $3,700 in the next two months:

<blockquote class="twitter-tweet”>

twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$eth twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#eth 3D graphic | Medium-term outlook

The support line held up brilliantly!

We have been stuck between the support line and horizontal resistance ($2770-2870) for 3 months.

I think that in November-December we will explode.

Goal: $3700 pic.twitter.com/n9N3Wqk8Jc

— CriptoBullet (@CryptoBullet1) twitter.com/CryptoBullet1/status/1851938606987800905?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>October 31, 2024

Other bullish industry participants include crypto General and Wolf, both imagining an increase towards $4,000. It is important to note that the analysts outlined their forecasts on October 29, when eth was trading much higher than it is now.

The opposite opinion

Unlike he aforementioned analystsVeteran trader Peter Brandt is somewhat pessimistic about an eventual eth rally. He x.com/PeterLBrandt/status/1852005431213797463″ target=”_blank” rel=”noopener” data-wpel-link=”external”>reclaimed

Furthermore, numerous metrics are currently showing the sell signal. Those include the exponential moving average (on a 10-day scale), the simple moving average (10 days), Weighted volume Moving average (20 days), Peel Moving average (9 days) and more.

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