Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On Wednesday, Ethereum (ETH) surged above the $2,700 mark for the first time in over a week, sparking a bullish sentiment among several crypto analysts. Some suggested that the second-largest cryptocurrency will soon break from the next resistance level and reclaim the $3,000 mark. Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next? Ethereum Retests $2,700 Ethereum surged above a key resistance level on Wednesday morning as most of the crypto market soared. The cryptocurrency rallied 3.1% toward the $2,700 horizontal level, hitting the $2,722 mark before retracing to $2,710. Over the past week, ETH hovered between the $2,430-$2,650 range after failing to hold its support. This performance worried many investors and market watchers, who have heavily criticized the crypto\u2019s price action throughout the year. However, today\u2019s jump represents a 5.6% increase in the weekly timeframe, which sparked a bullish sentiment among the community. Crypto trader CRG noted that Ethereum is testing a support level in its trading pair against Bitcoin (BTC) in a higher timeframe (HTF). Per the chart, ETH\/BTC is retesting an HTF support at the 0.0377 level. The 0.023-0.040 zone was a crucial area between 2020 and 2021, with ETH\u2019s all-time high rally starting after breaking above the upper line of this range. The trader suggested that Ethereum\u2019s surge would be short-lived as the \u201cKing of Altcoins\u201d has had a \u201cdisappointing\u201d performance despite the spot ETH exchange-traded funds (ETF) approval. \u201cETH is like the toxic ex-gf that keeps you going back,\u201d he jokingly stated. Similarly, crypto analyst Micha\u00ebl van de Poppe remarked that it\u2019s time to be bullish on ETH, suggesting that there\u2019s a \u201cmassive bullish divergence\u201d in the one-day timeframe of the ETH\/BTC chart, while it was \u201cpopping up\u201d in the three-day timeframe. Van de Poppe pointed out that the 0.051 area is the crucial zone for a trend reversal. ETH To Hit $3,000 In Two Weeks? Various crypto analysts have set the $2,800 resistance level as the next crucial zone if Ethereum successfully reclaims the $2,700 mark. Analyst Crypto Yapper pointed out that ETH has registered five consecutive green daily candles since bouncing from last week\u2019s lows. To the analyst, if ETH breaks above the $2,800 horizontal level, the cryptocurrency will rally toward the $3,000 resistance level and potentially kickstart the altcoin season. Similarly, van de Poppe suggested that Ethereum will break above the crucial horizontal level in the next two weeks, as it took the liquidity at the $2,450 level and \u201cran back up to resistance.\u201d According to the analyst, this could propel ETH\u2019s price to $3,000 in November. Related Reading: Bitcoin Volatility To Peak By November 8 As \u2018Trump Trade\u2019 Intensifies \u2013 Report ETH has been rejected from the $2,700 resistance level, hovering between the $2,680-$2,690 price range for the past hour. As of this writing, the cryptocurrency trades at $2,693, a 1.4% and 3.3% increase in the daily and monthly timeframes. Nonetheless, it\u2019s worth noting that the crypto market might continue facing high volatility over the next few days as speculation increases ahead of the US presidential elections. 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":[13625],"tags":[26263,10923,89756,8323,89155,16163,65296,4854,1946,78803,4313],"class_list":["post-650788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto-analyst","tag-crypto-market","tag-crypto-trader","tag-eth","tag-eth-etf","tag-eth-price","tag-ethbtc","tag-ether","tag-ethereum","tag-ethusdt","tag-us-elections"],"acf":[],"yoast_head":"\n
Ethereum: Analysts Bullish On ETH As Price Retests $2,700<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n