Ethereum Price Eyes Further Gains Amid Positive Market Momentum

• The ETH price failed to clear above the $2700 mark recently, and faced a brief correction.
• A considerable increase is possible, however it may pale in comparison to previous peaks.

The price of Ethereum (ETH) has risen by 15% in the last two weeks, thanks to positive momentum that followed post interest rate cut by the U.S Federal Reserve. A number of cryptocurrencies are making a comeback and trading in green as September comes close to an end, demonstrating that the market remains resilient. Bitcoin and Ethereum may see a significant price jump by the start of October, thanks to the positive trend and large Spot ETF inflows lately.

On the other hand, the SEC postponed its judgment on the approval of options trading for Ethereum ETFs until November 10-11 on September 24. Moreover, the current bankruptcy procedures at Genesis Trading have coincided with a major Ethereum (ETH) liquidation. An anonymous creditor sold 12,100 ETH, worth over $31.43 million, during the last three days. Noteworthy market ripples have been caused by the execution of this sell-off, which had earlier bought 114,502 ETH valued around $358.19 million in August.

Investors Optimistic

However, analysts and traders have projected that Ethereum might see massive price increases due to strong weekly performance, institutional inflows, and historical October trends.

A considerable increase is possible, however it may pale in comparison to previous peaks. But it doesn’t discount the possibilities that this rebound may bring to the altcoin market as a whole and to Ethereum in particular.

At the time of writing, Ethereum (ETH) is trading at $2618, down 0.20% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 7.88%. The price failed to clear above the $2700 mark recently, and faced a brief correction. However, it found a short-term support at $2563 level today.

On the daily time frame, the Relative Strength Index (RSI) stands at 57.33, indicating a neutral trend. If the price manages to break above $2700 level, then it will likely climb further to test $3088 resistance level. Breaking above this level, will likely see price testing $3269 mark.

Conversely, if the bears take control and push the prices below the recent support level of $2563, then the price will likely test the $2448 support level. If price breaks below this level, then it will likely head towards $2257 support level.