The post As Ethereum Eyes $2,750 Breakout, Analyst Predicts Further 124% Rally for ETH appeared on BitcoinEthereumNews.com.

With a rising channel on the weekly chart and a short-term spike in buying pressure, will Ethereum cross the $6,000 mark this November? As the crypto market bull run continues and Bitcoin prepares for a new all-time high, Ethereum shows a V-shaped recovery gaining momentum. Positioned to reach crucial resistance near $2,750, Ethereum is on the brink of a significant breakout rally. Will the biggest altcoin surpass this critical threshold for a price jump to cross the $3,000 mark? Let’s find out.  Ethereum Against the Local Resistance  In the daily chart, Ethereum shows a falling channel pattern. However, the altcoin shows a positive cycle, gaining momentum and ready to challenge the overhead resistance trendline.  As the underlying dynamics turn bullish, Ethereum’s price action reflects a short-term support trendline. Following a recent bounce from local support, the price has increased by 12.17% from the 7-day low of $2,379. https://x.com/thecryptobasic Ethereum Price Target Currently, ETH is trading at $2,668, with an intraday gain of 1.17%. The ongoing recovery has formed five consecutive bullish candles and is approaching the neckline of a high-volume zone ranging from $2,750 to $2,875. The upper boundary of this supply zone coincides with the 38.2% Fibonacci level at $2,870. Additionally, the overhead resistance trendline of the falling channel pattern presents a crucial barrier. The increasing trend momentum leads to a positive crossover in the MACD and signal line. Furthermore, the recovery run exceeds the 100-day EMA and teases a potential positive crossover between the 20- and 50-day EMA. Hence, the technical indicators trigger a buy signal for Ethereum.  A breakout rally surpassing the 38.2% Fibonacci level is likely to challenge the 61.8% level at $3,336. Optimistically, the 100% Fibonacci level near the $4,000 psychological mark is a potential target for Ethereum. Conversely, crucial support levels remain at $2,500…

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Filed under: News - @ October 30, 2024 4:25 pm