The post Ethereum Price on Track to Break This 6-Week-Old Barrier appeared on BitcoinEthereumNews.com.

Ethereum (ETH) price has recently experienced a 13% decline, with prices dipping towards the end of September. Despite this drop, Ethereum is currently holding strong above its bear market support floor, suggesting that the cryptocurrency may be poised for a recovery.  Investors are now looking for bullish signals that could push ETH beyond the six-week barrier, bringing new opportunities for price growth. Ethereum Investors Are Resilient Ethereum’s long-term holders (LTHs) are showing renewed strength, as indicated by the Liveliness metric. This indicator tracks LTHs’ behavior, declining when they accumulate and increasing when they liquidate their holdings. Currently, the LTHs are in accumulation mode, a positive sign for Ethereum’s price trajectory.  As more holders choose to HODL, the potential for a bullish breakout increases, signaling long-term confidence in the cryptocurrency. This stability could be the foundation Ethereum needs to break through its current resistance levels. Read more: How to Invest in Ethereum ETFs? Ethereum Liveliness. Source: Glassnode From a technical perspective, Ethereum is also showing signs of macro-bullish momentum. The Relative Strength Index (RSI) has been trending positively since the beginning of August, hovering near the neutral line at 50.0. Once this line is flipped into support, Ethereum’s bullish momentum will likely gain further strength, pushing prices higher.  The macro momentum, supported by technical indicators like the RSI, suggests that Ethereum is building a solid foundation for further gains. If the broader cryptocurrency market remains stable, Ethereum could capitalize on this momentum and target higher price levels in the coming weeks.  Ethereum RSI. Source: TradingView ETH Price Prediction: Old Barriers, New Highs Ethereum is currently trading at $2,431, holding above the critical 23.6% Fibonacci Retracement level at $2,401, also known as the bear market support floor. As long as ETH remains above this level, it is likely to continue consolidating while awaiting a bullish…

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Filed under: News - @ October 8, 2024 4:25 pm