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Following the market’s significant upturn, Ethereum (ETH) and Bitcoin have showcased impressive performances, with Bitcoin breaching the $64,000 mark and Ethereum notching a 9% increase over the last week, stabilizing above a critical support level. The recent positive movements come amid the U.S. Federal Reserve’s strategy to slash interest rates by 50 basis points, a decision bolstering bullish momentum for Ethereum, propelling it to price points unseen in a month. This surge in value has amassed a positive outlook among investors, despite the cautious stance by some due to the underlying volatility and resistance levels Ethereum faces as it aims for further gains. Over the past weekend, the surge saw Ethereum climb from support levels of around $2,300 to hitting and, for a brief period, surpassing the $2,600 resistance level as the new week commenced.
Despite Ethereum’s impressive market run, challenges persist, notably the critical resistance points that have proven difficult to breach consistently. Market analyst Crypto Yapper pointed out Ethereum’s struggle to surpass the $2,650 mark enduringly, a constraint that has left some investors wary of the potential for the cryptocurrency’s momentum to stall, possibly reversing gains back to previous support zones. However, a slight recovery was observed, with Ethereum’s price ascending above $2,650, indicating a potential overcoming of immediate resistance, further evidenced by a subsequent increase to $2,660, marking notable gains in both daily and weekly measures.
Looking ahead, the possibility of Ethereum achieving new heights in its valuation generates excitement, with projections pointing towards a significant trend reversal. Crypto Trader Daan signaled the importance of Ethereum surpassing the $2,820 mark, a beacon of optimism for a trend reversal, courtesy of it representing a higher high following a higher low. This level not only marked the commencement of a bullish journey to $4,090 in February-March but also aligns with the Daily 200 Exponential Moving Average, underscoring its significance as a pivotal level for future Ethereum trajectory. Success in breaking past this point could see Ethereum rallying towards the $3,000 resistance level, amplifying the anticipatory sentiment amongst its investors.
Amidst these projections, Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), posited that Ethereum’s chart patterns bear resemblance to its 2023 performance, hinting at a potential repetition of its bullish trend. Should Ethereum mimic its prior upward trajectory, we might witness it touching new all-time highs by the latter part of October. Furthermore, extrapolating from its current market trends and bullish patterns, Ethereum’s price could possibly escalate to lie between $10,000 to $20,000 by the first quarter of 2025, representing a significant surge from its current valuation and substantially overshooting its previous all-time high. This ambitious forecast not only highlights Ethereum’s growth potential but also places it among the top contenders for substantial returns within the cryptocurrency market.
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