• Ethereum started a decent increase above the $2,600 zone.
• The price is trading above $2,550 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it clears the $2,630 and $2,650 resistance levels.

Ethereum Price Starts Steady Increase

Ethereum price formed a base above the $2,450 level and started a fresh increase like Bitcoin. ETH climbed above the $2,500 and $2,550 resistance levels to move into a positive zone.

The price is up over 5% and there was a move above the $2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.

Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,630 level. The first major resistance is near the $2,650 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance.

An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,950 resistance zone.

Downside Correction In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,595 level. The first major support sits near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.

A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level �$2,550

Major Resistance Level �$2,650

• Ethereum started a recovery wave from the $2,380 zone.
• The price is trading below $2,500 and the 100-hourly Simple Moving Average.
• There is a short-term rising channel forming with support at $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,520 and $2,550 resistance levels.

Ethereum Price Aims Higher

Ethereum price extended its decline below the $2,250 level unlike Bitcoin. ETH traded as low as $2,379 and recently started an upside correction.

There was a minor increase above the $2,420 level. The price traded above the 50% Fib retracement level of the downward wave from the $2,562 swing high to the $2,379 low. The bulls even pushed the price above the $2,500 resistance but struggled near $2,520.

Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at $2,480 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,520 level and the 100-hourly Simple Moving Average. It is close to the 76.4% Fib retracement level of the downward wave from the $2,562 swing high to the $2,379 low.

The first major resistance is near the $2,550 level. The main resistance is now forming near $2,600. A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $2,520 resistance, it could start another decline. Initial support on the downside is near the $2,480 level. The first major support sits near the $2,420 zone.

A clear move below the $2,420 support might push the price toward $2,380. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 zone.

Major Support Level �$2,450

Major Resistance Level �$2,520

• Ethereum started a recovery wave from the $2,450 zone.
• The price is trading below $2,560 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,580 and $2,600 resistance levels.

Ethereum Price Starts Recovery

Ethereum price extended its decline below the $2,550 level like Bitcoin. ETH traded as low as $2,445 and recently started an upside correction.

There was a minor increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low. There was also a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,560 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,560 level.

The first major resistance is near the $2,580 level and the 100-hourly Simple Moving Average. The main resistance is now forming near $2,600. It is close to the 50% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low.

A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $2,560 resistance, it could start another decline. Initial support on the downside is near the $2,505 level. The first major support sits near the $2,485 zone.

A clear move below the $2,485 support might push the price toward $2,450. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,340.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level �$2,500

Major Resistance Level �$2,580

• Ethereum started a downside correction below the $2,550 support.
• The price is trading below $2,550 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2,560 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,550 and $2,600 resistance levels.

Ethereum Price Starts Recovery

Ethereum price extended its decline below the $2,600 level like Bitcoin. ETH traded below the $2,550 and $2,500 support levels to enter a short-term bearish zone.

The price traded as low as $2,445 and is currently correcting losses. There was a minor increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward move from the $2,758 swing high to the $2,445 low.

Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,550 level. There is also a key bearish trend line forming with resistance at $2,560 on the hourly chart of ETH/USD.

The first major resistance is near the $2,600 level. It is close to the 50% Fib retracement level of the downward move from the $2,758 swing high to the $2,445 low.

A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,750.

Another Decline In ETH?

If Ethereum fails to clear the $2,550 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.

A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,420.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 zone.

Major Support Level �$2,450

Major Resistance Level �$2,550

• Ethereum started a downside correction below the $2,650 support.
• The price is trading below $2,650 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Starts Consolidation

Ethereum price started a downside correction from the $2,750 resistance like Bitcoin. ETH traded below the $2,700 and $2,650 support levels to enter a short-term bearish zone.

The price traded as low as $2,605 and is currently consolidating losses. There was a minor increase above the $2,620 level. The price traded close to the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.

Besides, there was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD. However, the price is struggling to gain bullish momentum.

Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,700 level. It is close to the 50% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.

A clear move above the $2,700 resistance might send the price toward the $2,750 resistance. An upside break above the $2,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.

More Downsides In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.

A clear move below the $2,550 support might push the price toward $2,500. Any more losses might send the price toward the $2,440 support level in the near term. The next key support sits at $2,420.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level �$2,600

Major Resistance Level �$2,650

• Ethereum started a downside correction below the $2,680 support.
• The price is trading below $2,650 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Trims Gains

Ethereum price remained stable above the $2,620 level like Bitcoin. ETH extended gains above the $2,650 resistance level to move further into a positive zone.

However, the bears remained active near the $2,765 level. A high was formed at $2,765 and the price started a downside correction. There was a break below a key bullish trend line with support near $2,680 on the hourly chart of ETH/USD.

The pair dipped below the $2,650 level. A low was formed at $2,626 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,626 low.

Ethereum price is now trading below $2,680 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,665 level. The first major resistance is near the $2,700 level. It is close to the 50% Fib retracement level of the downward move from the $2,757 swing high to the $2,626 low.

A clear move above the $2,700 resistance might send the price toward the $2,725 resistance. An upside break above the $2,725 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone in the near term. The next hurdle sits near the $2,840 level or $2,880.

More Downsides In ETH?

If Ethereum fails to clear the $2,680 resistance, it could start another decline. Initial support on the downside is near the $2,625 level. The first major support sits near the $2,600 zone.

A clear move below the $2,600 support might push the price toward $2,550. Any more losses might send the price toward the $2,500 support level in the near term. The next key support sits at $2,440.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level �$2,600

Major Resistance Level �$2,680

• Ethereum remained in a positive zone above the $2,580 and $2,620 resistance levels.
• The price is trading above $2,650 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it clears the $2,750 and $2,780 resistance levels.

Ethereum Price Aims For More Gains

Ethereum price remained stable above the $2,600 level like Bitcoin. ETH extended gains above the $2,650 resistance level to move further into a positive zone.

The price cleared the $2,700 level and tested $2,765. A high was formed at $2,765 and the price is now consolidating gains. There was a minor decline below the $2,740 level, but the price is stable above the 23.6% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.

Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.

On the upside, the price seems to be facing hurdles near the $2,750 level. The first major resistance is near the $2,765 level. A clear move above the $2,765 resistance might send the price toward the $2,840 resistance. An upside break above the $2,840 resistance might call for more gains in the coming sessions.

In the stated case, Ether could rise toward the $2,880 resistance zone in the near term. The next hurdle sits near the $2,920 level or $2,950.

Another Drop In ETH?

If Ethereum fails to clear the $2,750 resistance, it could start another decline. Initial support on the downside is near the $2,720 level. The first major support sits near the $2,680 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,620 support level in the near term. The next key support sits at $2,550.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level �$2,650

Major Resistance Level �$2,765

Recent price action for Ethereum has shown signs of strength, giving investors confidence that a potential breakout could be near. Ethereum is currently trading within a bullish pattern that, if broken, could lead to a massive surge in the coming weeks. 

With Bitcoin leading the way and market momentum building, ETH could be poised to follow, unlocking new gains and potentially signaling the start of a powerful rally for the altcoin. 

Investors are closely watching for signs that Ethereum will break free from its consolidation and begin to climb, as it remains one of the most closely monitored assets in the market.

Ethereum Flirting With A Surge

Over the past few weeks, Bitcoin has surged, leaving investors eagerly waiting for Ethereum to follow suit. Top analyst and investor Carl Runefelt has shared his technical analysis on X, highlighting a bullish pattern emerging on Ethereum’s 1-hour price chart.

Runefelt’s analysis points to an ascending triangle formation, which is generally a bullish indicator. According to him, if Ethereum manages to break above this pattern, a rapid surge to $2,870 could be imminent. 

This price level represents a key target for Ethereum, as it signals a strong upward move and confirms that the altcoin is catching up with Bitcoin’s recent performance.

However, there are still risks that Ethereum could continue to trade sideways if it fails to break the current resistance level. In that case, ETH could remain trapped in consolidation for a longer period, which would cause further frustration among investors hoping for a rally. 

Despite these risks, market conditions favor Ethereum’s potential breakout as bullish sentiment grows. Analysts are watching closely, anticipating that Ethereum’s moment to surge could come soon, setting the stage for significant gains.

Price Levels To Watch

Ethereum (ETH) currently trades at $2,624 after three days of uncertainty and volatility. The price recently surged by 10% from the $2,400 area, showing signs of strength, but now faces a crucial resistance level. 

For the bulls to regain momentum, Ethereum needs to push above the current price and reclaim the 200-day exponential moving average (EMA), which is $2,800. This significant level would signal that ETH is back on track for further upside, potentially catching up with Bitcoin’s recent gains.

However, if Ethereum fails to break above this key resistance and reclaim the 200-day EMA, it risks entering a sideways consolidation phase. A failure to hold current levels could lead to a retrace, with support likely around the $2,450 mark. 

Traders and investors are closely watching the price action as Ethereum’s next move will determine whether it can break free from its current uncertainty or continue to face resistance in the coming days. As the broader crypto market remains volatile, Ethereum’s ability to hold key levels will be critical for its near-term outlook.

Featured image from Dall-E, chart from TradingView

• Ethereum remained in a positive zone above the $2,550 and $2,580 resistance levels.
• The price is trading above $2,600 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Aims For More Upsides

Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH corrected some gains and tested the $2,550 support level. Recently, it started a fresh increase above the $2,580 and $2,600 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low. The bulls were able to push the price above the $2,620 resistance zone. Besides, there is a key bullish trend line forming with support near $2,600 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. It is near the 76.4% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low.

The first major resistance is near the $2,685 level. A clear move above the $2,685 resistance might send the price toward the $2,750 resistance. An upside break above the $2,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,840 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.

Another Drop In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level and the trend line. The first major support sits near the $2,570 zone.

A clear move below the $2,570 support might push the price toward $2,550. Any more losses might send the price toward the $2,480 support level in the near term. The next key support sits at $2,420.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level �$2,550

Major Resistance Level �$2,650

Bitcoin Dominance Rises, Are Altcoins In Trouble?

Bitcoin dominance (BTC.D), a metric that measures the proportion of the total cryptocurrency market cap commanded by the leading digital asset, has hit a new cycle high of 58.9%. The last time the crypto market witnessed this level of BTC.D was in April 2021.

After a slight pullback following Iran’s attack on Israel earlier this month, Bitcoin has risen by almost 10% in the past week, trading at $67,769 at the time of writing. 

Concurrently, the total crypto market cap has surged from $2.26 trillion on October 8, to $2.41 trillion on October 16, according to data from CoinGecko. However, the rise in the total crypto market cap is largely buoyed by the upward movement in BTC price.

At the start of October, BTC.D hovered around 57.1%. Since then, it has risen by approximately 1.8%, showcasing Bitcoin’s strong performance relative to altcoins such as Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and others.

The current level of BTC.D has cast doubt on the prospects for the much-anticipated “altseason,�typically characterized by parabolic price increases in altcoins and a decline in BTC.D. Notably, BTC.D peaked at 70% during the post-COVID bull market in 2020-21 before dropping to 40% by mid-2021.

In late 2022, BTC.D bottomed out at around 39% amid the collapse of FTX, which halted operations due to fraud charges against its leadership. Since then, BTC.D has been on a gradual rise, as shown in the chart below.

ETH/BTC Ratio Must Rebound For A Potential Altseason

As BTC.D continues to rise, it is important to consider the ETH/BTC trading pair. For the uninitiated, the ETH/BTC trading pair – colloquially known as the ETH/BTC ratio – tracks Ethereum’s (ETH) performance against BTC.

At press time, ETH/BTC trading pair stands at 0.0385, a level last seen in April 2021. The chart below shows that Ethereum has failed to establish a higher high against Bitcoin since at least November 2022, reflecting weak ETH price action over the past two years.

A strong ETH performance against BTC often precedes an altseason, but there are no clear signs of a meaningful trend reversal.

Further, the total value locked (TVL) in decentralized finance (DeFi) protocols across all blockchains has slid from almost $110 billion in June 2024 to $88 billion, indicating weak demand for altcoins among crypto investors.

However, some crypto analysts and technical indicators still suggest a potential altseason may be on the horizon.

For example, earlier this month, the altcoin market cap surpassed its 200-day exponential moving average (EMA), a key resistance level that signals strong altcoin performance in recent days.

Similarly, Steno Research recently remarked that ETH is set for a comeback following the US Federal Reserve (Fed) interest rate cuts. BTC trades at $67,769 at press time, up 2.5% in the past 24 hours.