Experienced analysts said Ethereum will rise to £6,000 as the cryptocurrency retests a key level and rebounds in an ascending channel.
Analyst Ali Martinez called £2,400 a key support level for #Ethereum . The #cryptocurrency has tested this critical zone, and a bounce from it indicates a potential rise to $BTC Ethereum has been in an ascending channel since July 2023.
The latest price movements have brought Ethereum closer to the lower boundary of this channel.
As of October 26, Ethereum is retesting the downtrend line.
Mr. Martinez emphasized that the current area around £2,400 is an important support zone.
Mr. Martinez believes that if the price bounces from this level, it could rise to the upper boundary, around $BTC The ascending channel pattern, defined by two parallel trend lines, clearly shows the resistance and support lines that will determine the price movement of Ethereum.
The upper boundary acts as resistance, while the lower boundary acts as support. However, Mr. Martinez said that the risk/reward ratio would be favorable if loss orders were placed between £2,300 and $BTC At present, Ethereum has recovered from earlier losses and is trading at £2,509.34.
According to additional analysis by IntoTheBlock, indicators on the blockchain indicate bullish sentiment towards Ethereum.
About 70.34% of Ethereum addresses are currently profitable, the breakeven point is only 1.74%, and more than 27% are experiencing losses.
This distribution tends to alleviate selling pressure, as few holders are selling at current price levels.
On the other hand, in response to the community's concerns about the regular sell-off of #ETH , Vitalik Buterin, co-founder of the Ethereum Foundation, explained the reasons for this action.
This approach aims to spread Ethereum's legitimacy across multiple organizations and increase the stability of the ecosystem.
Read us at: Compass Investments
