With the rising uncertainty in the cryptocurrency market, Bitcoin price has plunged below the $61k mark. Following this, the altcoin leader, Ethereum price continues its struggle to reclaim the $2.5k level, highlighting a rising bearish action in the crypto space.
Will the Ethereum price break the historic market trend and close the month of “Uptober” on a negative note? Or will the altcoin leader make a comeback and potentially kickstart the prolonged AltSeason this Q4?
Despite recording a drop of ~2% in the past day with a trading volume of $15.117 billion, a change of +8.49%. The Ethereum price has added 2.83% to its portfolio over the past week and 2.59% during the past 30 days. After a volatile Q3, it has a YTD return of ~6%.
With a trading price of $2,398.53, it is presently trading at a discount of 41.89% from its yearly high and 50.92% from its All-time High (ATH) of $4,891.70. Moreover, the Ethereum ETF shows a weak sign, highlighting a negative sentiment.
The Moving Average Convergence Divergence (MACD) shows a constant decline in the red histogram. However, the averages record a constant decline in the 1D time frame. This suggests a negative outlook for the altcoin in the coming time.
Moreover, the SMA indicator constantly acts as a resistance to the ETH price chart. This suggests a highly volatile price sentiment for the altcoin leader in the cryptocurrency market.
If the market regains the lost momentum, the Ethereum token could retest its resistance level of $2,530. Maintaining the price above that level could set the stage for it to head toward its upper resistance level of $2,870 during the upcoming weeks.
On the contrary, if the bearish sentiment intensifies, this could result in the price of Ethereum (ETH) plunging toward its crucial support trendline of $2,175 this month.
Wondering about the long-term price prospects of the altcoin leader? Read, our Ethereum (ETH) Price Prediction 2024 – 2030
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