Ethereum bulls targeting $2,800 flip to support.
Yesterday the US Federal Reserve (Fed) signaled that interest rates will remain close to 0% for the time being. Following the Fed announcement, the crypto market started to rally, Bitcoin (BTC) surged 4.11% and made a strong push to $39,000. This has created bullish momentum for most of the major altcoins in the market, but at the time of writing, Bitcoin is back in the $35,000 region.
Data from TradingView shows that Ethereum (ETH) also responded positively to the bullish sentiment across the market, sending the price up 8.11% to an intraday high of $2,723. However, the bullish momentum did not last and ETH fell into the $2,300 area.
Short term analysis of ETH price action provided by crypto trader called “CryptoAmsterdam” who outline which direction ETH could take in the near future.
ETH/USDT 1 hour frame chart | Source: Twitter
After Ether posted a 12% gain, CryptoAmsterdam issued a warning that it could not continue its uptrend.
“There is a possibility of a short-term trend reversal if we get back below the lower timeframe high and break this minor trendline.”
Further insight into the state of ETH was provided by independent market analyst John Wick, who published the chart To mark the formation of a bottom pattern on the chart.
“Ethereum is showing the same bottoming pattern trying to break out of the resistance area. I need to see more of Bitcoin for the breakout.”
4-hour frame ETH/USDT price chart | Source: Twitter
A final breakdown of the key levels to watch is shared by analyst TheCryptoCactus, with a chart outlining key support and resistance areas and consolidation.
ETH/USD price chart 2-day frame | Source: Twitter
According to TheCryptoCactus, the “long bottoms” are in a good position to have “easy protection” at these levels, but he also warned that ETH needs to “turn $2,850 resistance into support.”
“Personally, I would wait for ETH to flip $3,000 to support and then take a large position.”
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Willemstad, Curaçao, 4th November 2024, Chainwire
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