The cryptocurrency market is currently experiencing a period of uncertainty, with Bitcoin’s price dropping below the $61k mark. As a result, Ethereum, the leading altcoin, is struggling to reclaim the $2.5k level, signaling a bearish trend in the crypto space.
The question on everyone’s mind is whether Ethereum will break the historical market trend and end the month of “Uptober” on a negative note. Can the altcoin leader make a comeback and potentially kickstart the much-awaited AltSeason in the fourth quarter of the year?
Despite a 2% drop in the past day, Ethereum has seen a 2.83% increase in its portfolio over the past week, with a trading volume of $15.117 billion and a change of +8.49%. In the volatile third quarter of the year, Ethereum has recorded a YTD return of approximately 6%.
Currently trading at $2,398.53, Ethereum is at a discount of 41.89% from its yearly high and 50.92% from its all-time high of $4,891.70. The Ethereum ETF is also showing signs of weakness, reflecting a negative sentiment in the market.
Technical indicators like the Moving Average Convergence Divergence (MACD) and SMA suggest a negative outlook for Ethereum in the near future. The MACD histogram is on a constant decline, while the SMA indicator is acting as a resistance to the ETH price chart, indicating high volatility.
If the market regains momentum, Ethereum could retest its resistance level of $2,530 and potentially reach $2,870 in the coming weeks. However, if the bearish sentiment persists, Ethereum’s price could drop towards its crucial support trendline of $2,175 this month.
For a deeper insight into the long-term price prospects of Ethereum, check out our Ethereum Price Prediction 2024 – 2030. Stay tuned for more updates on the cryptocurrency market as the situation continues to unfold.