{"id":644888,"date":"2024-09-27T10:00:54","date_gmt":"2024-09-27T10:00:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=644888"},"modified":"2024-09-26T18:15:00","modified_gmt":"2024-09-26T18:15:00","slug":"ethereum-analyst-sets-2820-as-eths-next-key-level-to-watch-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum-analyst-sets-2820-as-eths-next-key-level-to-watch-heres-why\/","title":{"rendered":"Ethereum: Analyst Sets $2,820 As ETH\u2019s Next Key Level to Watch, Here\u2019s Why"},"content":{"rendered":"

Following the market\u2019s recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level.<\/p>\n

Despite the bullish sentiment, some crypto investors remain cautious about ETH\u2019s performance as the second-largest cryptocurrency faces the next crucial resistance level.<\/p>\n

Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1<\/a><\/div>\n

Ethereum Consolidates Above $2,600<\/h2>\n

Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced<\/a> its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETH\u2019s price to ranges not seen in a month, triggering a positive sentiment among many investors.<\/p>\n

Over the weekend, the \u201cKing of Altcoins\u201d surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon.<\/p>\n

Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted<\/a> that ETH had been \u201crunning into critical resistance on the Daily chart,\u201d as it had been unable to break successfully above the $2,650 mark since Tuesday.<\/p>\n

This performance worried<\/a> some investors, who considered that not breaking above this level could hinder the cryptocurrency\u2019s run and send the price toward the previous support zones.<\/p>\n

However, Ethereum\u2019s price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes.<\/p>\n

ETH To Reach New Highs In October?<\/h2>\n

Crypto Trader Daan highlighted<\/a> that Ethereum\u2019s price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency.<\/p>\n

This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it \u201can important level to watch.\u201d<\/p>\n

\"ETHUSDT,
ETH moves between the range’s high level. Source: Daan crypto Trades on X<\/figcaption><\/figure>\n

A breakout above this mark could further propel ETH\u2019s price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted<\/a> that Ethereum\u2019s chart is \u201clooking a lot like a 2023 redux.\u201d<\/p>\n

Related Reading: Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets<\/a><\/div>\n

Per the Chart, the cryptocurrency\u2019s current market structure resembles its 2023 movements very closely. A repeat of ETH\u2019s previous bullish trajectory suggests that ETH\u2019s price<\/a> is about to break out and hit a new all-time high (ATH) mid to late October.<\/p>\n

Additionally, the chart shows that if it follows the same bullish trend, Ethereum\u2019s price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH.<\/p>\n

\"Ethereum,
Ethereum’s performance in the three-day chart. Source: ETHUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Following the market\u2019s recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level. Despite the bullish sentiment, some crypto investors remain cautious about ETH\u2019s performance as the second-largest cryptocurrency faces the next crucial resistance level. Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1 Ethereum Consolidates Above $2,600 Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETH\u2019s price to ranges not seen in a month, triggering a positive sentiment among many investors. Over the weekend, the \u201cKing of Altcoins\u201d surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon. Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted that ETH had been \u201crunning into critical resistance on the Daily chart,\u201d as it had been unable to break successfully above the $2,650 mark since Tuesday. This performance worried some investors, who considered that not breaking above this level could hinder the cryptocurrency\u2019s run and send the price toward the previous support zones. However, Ethereum\u2019s price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes. ETH To Reach New Highs In October? Crypto Trader Daan highlighted that Ethereum\u2019s price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency. This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it \u201can important level to watch.\u201d A breakout above this mark could further propel ETH\u2019s price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted that Ethereum\u2019s chart is \u201clooking a lot like a 2023 redux.\u201d Related Reading: Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets Per the Chart, the cryptocurrency\u2019s current market structure resembles its 2023 movements very closely. A repeat of ETH\u2019s previous bullish trajectory suggests that ETH\u2019s price is about to break out and hit a new all-time high (ATH) mid to late October. Additionally, the chart shows that if it follows the same bullish trend, Ethereum\u2019s price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":576067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,26263,85323,10923,88477,89756,8323,4854,1946,84133,78803,92109],"class_list":["post-644888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-crypto-investors","tag-crypto-market","tag-crypto-market-recovery","tag-crypto-trader","tag-eth","tag-ether","tag-ethereum","tag-ethereum-bullish","tag-ethusdt","tag-fed-rate-cuts"],"acf":[],"yoast_head":"\nEthereum: Analyst Sets $2,820 As ETH\u2019s Next Key Level to Watch<\/title>\n<meta name=\"description\" content=\"Analysts have set the next key target for Ethereum price after its 9% surge and 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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