Ethereum, the second-largest cryptocurrency, has been trading at a slower pace compared to Bitcoin, but recent price action suggests a major uptick is on the horizon. With the Federal Reserve rate cuts shaking up the traditional financial markets, altcoins like Ethereum are poised to outperform in the coming days.
Technical analysis indicates that Ethereum is seeing a steady inflow of capital, signaling a potential upward move in the short term. Having reclaimed the $2500 mark, the price is expected to remain bullish with the next target at $2800. This presents an opportunity for investors to consider entering the market before a significant rally kicks off.
However, the big question looming over Ethereum’s price action is whether it can sustain above $3000 amidst strong bearish pressure. The weekly chart shows Ethereum trading within key resistance and support levels, with indicators like the RSI and DMI pointing towards a bullish momentum building up.
For Ethereum to trigger a bull run towards $5000, it must close the current week above $2600 and maintain an upward trend until the end of the month. A break above $2800 could pave the way for a push towards $3000 in the early days of the fourth quarter. This trade setup seems plausible as Ethereum appears primed to reclaim higher price targets.
Overall, Ethereum’s price action is set to undergo a significant shift in the coming days, with potential for a strong rally towards new highs. Investors should keep a close eye on key resistance levels and market indicators to capitalize on the expected bullish momentum in the Ethereum market.