ETH
Will Ethereum Price Crash Below $2,000 as 10K ETH Hits Exchanges?
Ethereum price shows a slight uptick of 1.26% to $2654 during the Friday trading session. The ease from the mid-week sell-off has bolstered Bitcoin’s price to regain $60000 while igniting a fresh relief rally in the altcoin market. The rising ETH price is heading to $2750 resistance, a pivotal zone that could bolster new recovery to continue the prevailing correction.
Ethereum Price Holds Key Support Amid Major ETH Transfer to Exchange
According to blockchain data by Arkham Intelligence, a Gnosis Safe Proxy address associated with Metalpha has recently transferred a substantial 10,000 ETH to Binance, valued at $26.02 million.
Amid the transaction, the Ethereum price held steady above $2600, while the market cap recorded at $315.5 Billion.
Metalpla, an asset management company affiliated with Bitmain, the largest Bitcoin mining company, had earlier applied to Lido to redeem 10,000 ETH. This transaction underscores Metalpha’s active role in managing substantial cryptocurrency assets, possibly in preparation for strategic financial maneuvers within the market.
ETH Price Teeters at Pivot Point
In the past two weeks, the crypto market witnessed a relief rally concerning the aggressive correction in July. The bullish turnaround uplifted the Ethereum price from $2111 to $2620, registering a growth of 24%.
The rising price will likely challenge the downsloping trendline at $2750, which previously acted as major support amid market consolidation. From March to early August, the Ethereum price prediction showcased a sideways action resonating between two parallel trends of rectangle patterns.
The lateral trend at a notable high indicates the distribution phase—the stage in the market cycle where large investors gradually sell off their positions to retail traders.
Thus, the ETH price retest of the $2750-$2775 region could recuperate the selling pressure and prolong the market downfall. A recent death crossover among 50-and-200-day EMA backs the bearish outlook.
The potential will plunge the asset 19% down to hit $2127, while further breakdown could retest $1900 support.
On the contrary note, Ethereum has bounced 61.8% Fibonacci retracement level, which is often considered a healthy correction for buyers to regain bullish momentum. Moreover, the ADX indicator at 39% high accentuates the sellers led an overhead extended rally, often attracting dip buyers in the market.
Therefore, a potential breakout from the overhead resistance will secure strong support and weaken the bearish thesis. The post-breakout rally could drive the asset over 20% to target $3400.
Frequently Asked Questions (FAQs)
The recent death cross, where the 50-day EMA crosses below the 200-day EMA, suggests a bearish outlook for Ethereum. This technical indicator often signals a potential decline
A bullish breakout above the $2,750 resistance could renew momentum for Ethereum, potentially driving the price past $3,500.
The key levels to monitor are the $2750 resistance and the $2127 support. A breakout above $2750 could trigger a bullish rally, pushing the price towards $3400.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.
Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.
Ethereum Fractal Suggests Rally In Q4
According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.
Related Reading
During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.
Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.
Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.
What’s Next For ETH?
At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.
Related Reading
This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.
Featured image created with Dall.E, chart from Tradingview.com
Source link
Popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is close to bottoming out against Bitcoin (BTC).
Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year.
“It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later…
More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low, it should correspond with at least a temporary bounce for ETH/USD.”
Cowen compares the current ETH/BTC chart to the relationship between the top two crypto assets back in 2019.
“While ETH/BTC bottomed shortly after the 1st rate cut in 2019, ETH/USD trended down until [end of year].”
Cowen has been on target with ETH/BTC this year.
ETH is trading at $2,326 at time of writing. The second-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.
BTC is trading at $60,252 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
Altcoins
‘Run It Back’ – Crypto Analyst Predicts Massive Rallies for Ethereum and Solana, Says October Will Be ‘Lit’
A widely followed crypto strategist believes sharp recoveries are in store for Ethereum (ETH) and its competitor Solana (SOL).
Starting with the top smart contract protocol, pseudonymous analyst Kaleo tells his 647,300 followers on the social media platform X that his bearish scenario for Ethereum is no longer valid.
The trader shares a chart suggesting that ETH has already printed a local bottom and is now gearing up for big rallies.
“The yellow line is cursed.
The white line in this thread has been goated and will continue to be goated.
Run it back.”
Looking at the trader’s chart, he seems to predict that Ethereum will rally to $4,400. At time of writing, ETH is trading for $2,383.
As for Solana, Kaleo shares a chart suggesting that SOL is now en route to a new all-time high after holding support at $120.
“The white lines were and always have been the path. Run it back.”
Based on the trader’s chart, he seems to predict that SOL will rally to a new record level at around $400. At time of writing, SOL is worth $135.63.
Kaleo also says that Q4 will be incredibly bullish for crypto after witnessing an extended corrective period over the last six months or so.
“Uptober is gonna be lit. Upvember will be even better.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
Hut 8 and BITMAIN To Launch Next-Generation ASIC Bitcoin Miner with Liquid-to-Chip Cooling
German Government Shuts Down 47 Exchanges, Says They’re Tied To ‘Illegal Activity’
Toncoin, Intel Markets and Ethereum
Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Nervos Network Bulls Add More Profits To Their Wallets With Gambling Token Mpeppe
Celebrating 10 Years of the Hardware Wallet Revolution
FET price rises as CEX inflows rise ahead of Cudos merger vote
5 Crypto to Sell to Avoid Losses After Fed’s 50 bps Interest Rate Cut
Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Binance CEO Says Institutional Investors Grew 40% This Year
Solana’s New Phone Promises More for Less—And Already Seeing Huge Demand
Federal Reserve Cuts Interest Rates by 50 Basis Points to Address Economic Uncertainty
XRP, SOL stagnate as new rising altcoin seizes the moment with another ATH
Top Crypto News Headlines of The Week
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Dormant Bitcoin wallet from 2014 moves BTC worth $10.2m
Polygon on-chain activity spikes despite MATIC price dip
The Other Satoshis: Bitcoin's Most Important Early Contributors
24/7 Cryptocurrency News1 month agoTop Crypto News Headlines of The Week
Bitcoin2 months agoEthereum, Solana touch key levels as Bitcoin spikes
Bitcoin2 months agoBitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Opinion2 months agoBitcoin Open-Source Development Takes The Stage In Nashville
Altcoins2 months agoEthereum Crash A Buying Opportunity? This Whale Thinks So
Donald Trump2 months agoWhy Did Trump Change His Mind on Bitcoin?
Price analysis1 month agoWill XRP Price Defend $0.5 Support If SEC Decides to Appeal?
News2 weeks agoNew U.S. president must bring clarity to crypto regulation, analyst says
✓ Share: