Ethereum (ETH/USDT) Technical Analysis – October 11, 2024

Ethereum (ETH) is currently trading at $2,455.09, showing a +3.69% increase in the past 24 hours. The market seems to be gaining momentum, supported by various technical indicators pointing toward potential upward movement.

Key Levels and Indicators:

24h High: $2,471.45

24h Low: $2,362.01

Support Level: $2,362 (24h Low)

Resistance Level: $2,471 (24h High)

Parabolic SAR is trending at $2,443.6, signaling a potential continuation of the current bullish movement if prices stay above this level.

🎯 Target 1 – $2,470

This aligns with the 24h high and serves as an immediate resistance level. Breaking this level could pave the way for higher gains.

🎯 Target 2 – $2,540

If ETH maintains upward momentum, the next resistance zone to watch would be around $2,540, potentially signaling a bullish breakout in the short term.

🎯 Target 3 – $2,600

In the case of sustained buying pressure, Ethereum may test $2,600, a psychological resistance level and a key area to watch for traders aiming for a long-term rally.

Indicators to Watch:

MACD is showing bullish signals as momentum continues to favor the buyers.

RSI is currently moderate, leaving room for potential upward movement before overbought conditions are met.

Bollinger Bands show increased volatility, indicating a possible breakout soon.

Summary: Ethereum is showing strength and has the potential to test higher resistance levels if it continues its upward trajectory. Watch for key breakouts at $2,470 and beyond to confirm the next leg of the bull run. Stay cautious with stop losses around $2,360 in case of a reversal.

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