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?
Make Or Break Situation For ETH Price?
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.
Ethereum Technical Sentiments
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.
How High Can ETH Go In 2024?
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
Source: https://coinpedia.org/price-analysis/ethereums-make-or-break-moment-can-eth-survive-the-bearish-trend/