- ETH has seen a 4.36% surge in the past month.
- Ethereum’s upward momentum indicates potential gains if $2264 support level is maintained.
After hitting a low of $2309, Ethereum [ETH] has experienced a significant upward trend, resulting in October turning green with recent gains outweighing losses.
Currently, Ethereum is trading at $2525, reflecting a 2.44% increase in the last 24 hours. Over the past month, ETH has surged by 4.36% and continued its bullish trend with a 1.53% rise on weekly charts.
Trading activities for the altcoin have increased, with a 35.51% rise in trading volume to $12.43 billion.
Crypto analyst Man of Bitcoin has highlighted the importance of the $2264 level for Ethereum’s bullish scenario to remain valid.
Market Analysis
Man of Bitcoin suggests that ETH is currently moving sideways, indicating a consolidation phase. The price chart movements show signs of weakness, hinting at a potential downside.
For the bullish scenario to hold, Ethereum must stay above $2264. According to Elliot wave analysis, the next potential move could be Wave -C of iii at $3096, indicating further gains within the strongest third wave.
If ETH fails to maintain the $2264 support level and experiences a breakdown, it could signal a move to the downside with Wave -iv.
Chart Analysis
While Man of Bitcoin’s analysis provides a cautious outlook, other market indicators offer different perspectives.
Ethereum’s Long/Short ratio remains above 1, indicating increased demand for long positions and dominance by long position holders.
Furthermore, the Supply exchange ratio for Ethereum has been declining over the past 5 days, suggesting investors are holding onto their ETH, leading to a supply squeeze.
ETH exchange inflow has also decreased over the last 4 days, pointing towards a shift in market sentiment towards holding rather than selling.
With positive market sentiment and investor favorability, Ethereum is currently in a bullish phase, targeting the $2727 resistance level in the short term as long as the $2264 support level holds.
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