*Ethereum* (ETH)
After recording a weak price action for a brief period, the Ethereum price has recorded a significant uptrend in its respective portfolio over the past few days.
With a jump of ~6.5%, it has reclaimed the $2.6k level.
The Relative Strength Index (RSI) shows a rise toward its overbought range in the 1D time frame.
This indicates an increase in the buying pressure for the altcoin within the crypto market. Further, the SMA records a bullish curve, suggesting a positive outlook for the ETH price.
If the market continues gaining momentum, the Ethereum price will break out of its resistance level of $2.8k and head toward its next crucial resistance trendline of $3.7k in the time time.
Moreover, an intensified bullish action could push the price toward its yearly high during Q4.
The surge in Etherâs price has been primarily driven by a cut in US Federal Reserve interest rates, signaling a shift toward a more accommodative monetary policy.
As a result, the S&P 500 index hit an all-time high on Sept. 24. Further bolstering this outlook, a drop in the S&P Global Manufacturing PMI on Sept. 23 heightened investor concerns about the health of the economy.
The market's current fear of an impending recession has benefitted cryptocurrencies like Ether, which investors view as scarce assets.
This decline follows the highly anticipated US launch of a spot exchange-traded fund (ETF), which ultimately disappointed, resulting in $684 million in outflows.
