As of October 7, 2024, ethereum is trading between $2,467 and $2,473, with a market capitalization of $297 billion. Over the past 24 hours, its price has fluctuated between $2,416 and $2,510, accompanied by a trading volume of $12.87 billion. The 1-hour, 4-hour, and daily charts all show the market in a consolidation pattern, as traders anticipate a clearer direction for ethereumâs next move.
Ethereum
The 1-hour chart shows Ethereum bouncing from the $2,412 support to a short-term high of $2,513 before falling back. With low trading volume and a sideways price, the market looks uncertain. A break above $2,513 could open the door for a bullish move, but a drop below $2,450 could signal a reversal. Traders should keep a close eye on these key levels.
On the 4-hour chart, Ethereum recovered from its recent low of $2,309 to $2,513 before falling back to around $2,467. Although higher lows have been formed, lower volume during the pullback suggests a potential consolidation. If Ethereum breaks above $2,513 on high volume, it could signal more upside potential, although the $2,450 support level remains important.
Daily chart analysis shows that Ethereum is consolidating between $2,350 and $2,500 after a sharp correction from $2,729. The price is hovering near support and a break above $2,550 could generate bullish momentum. However, failure to hold the current level could lead to further bearish pressure.
Indicators such as the relative strength index (47.8) and the Stochastic (31.5) remain neutral, while key moving averages, including the 50-day and 200-day, point to a bearish bias. The exponential moving average (10) and the simple moving average (10) both signal a sell, adding to the cautious sentiment in the market.
Bull's Comment:
If Ethereum breaks above the $2,513 resistance level on high volume, it could be the start of a continued rally. Traders could see upside opportunities in the $2,550 to $2,600 range, with higher targets if momentum builds. Entry points around the $2,450 to $2,470 support zone could create attractive setups for bullish positions.
Bear's Comment:
On the other hand, if Ethereum fails to hold the $2,450 support and selling pressure increases, another decline could occur. In this case, Ethereum could test lower support around $2,400 or even head towards $2,350. The current moving averages and momentum indicators are trending down, urging buyers to be cautious in the short term.
What do you think about the ether market performance on Monday? Share your thoughts and opinions on the subject in the comments section below.
#binance #wendy #bitcoin #eth #crypto $BTC $ETH $BNB
