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ethereum (eth), the second-largest cryptocurrency by market capitalization, has recently lagged other major tokens, posting losses both on a 24-hour and weekly basis.
Despite this slowdown, some analysts believe that if ethereum can overcome critical resistance levels in the near future, it may follow the seasonal trends typically seen on “Uptober,” which could lead to a price recovery.
ethereum struggles to break $2,800 resistance
Technical Analyst Daan crypto Trades Recently x.com/DaanCrypto/status/1840429581234282618″ target=”_blank” rel=”nofollow”>pointed out that ethereum has yet to reach a higher high, a feat accomplished by bitcoin (btc) last week. To reverse its current trend, the analyst explains that eth needs to break above the $2,800 level, which coincides with the daily 200 exponential moving average (EMA).
Currently, the price of ethereum has fallen by more than 1% in both the last 24 hours and last week, currently trading at $2,611. This drop contrasts with the gains recorded in the last two weeks (14%) and the last month (4%).
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Despite marking a lower From $2,640 at the end of the previous week following a nearly 20% drop on September 6, where prices fell to $2,150, eth remains far from its yearly high of nearly $4,000 reached in the first quarter of this year and its highest all-time high of $4,878 as of November 2021.
In contrast, bitcoin recently hit a two-month high of $66,500, approaching its all-time high of $73,700 set in March, highlighting the stark difference in performance between bitcoin and ethereum during this period.
However, like Daan crypto Trades, other analysts maintain a bullish outlook for ethereum if the bulls hold important support levels and if the price can overcome key resistances.
Analysts predict new all-time high in early 2025
Market expert Guru Vedas has x.com/VedasGuru/status/1840858952919097609″ target=”_blank” rel=”nofollow”>noted that eth appears to have reached curve support on its two-hour chart, with support levels between $2,550 and $2,600. It suggests that a recovery could be imminent from this base of support.
Another analyst, known as “The bitcoin Man,” echoed this sentiment: x.com/Manofbitcoin/status/1840700011832639789″ target=”_blank” rel=”nofollow”>affirming that eth could continue to rise as long as it remains above $2,560. It identified key support levels for a larger wave, ranging between $2,539 and $2,351, which are critical for any near-term recovery.
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Adding to the optimism, analyst Ted Pillows x.com/TedPillows/status/1840373593940586861″ target=”_blank” rel=”nofollow”>highlighted that ethereum is forming a fractal pattern similar to that seen during its previous bull cycle, in which prices rose from $1,600 to $4,000.
Analyst predicts eth price could reach $4,000 to $4,400 by the end of this year, with new potential all-time high anticipated in Q1 2025 above $4,800.
Featured image of DALL-E, chart from TradingView.com
