Ethereum Bounces but Fails to Jump the $2,700 Hurdle

Ethereum (ETH) Current Statistics – the $2,700 Hurdle

The current price: $2,626.50
Market Capitalization: $316,228,424,721.06
Trading Volume: $16,128,891,538.86
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 18, 2024

Ethereum’s (ETH) price has been bouncing but failed to jump the $2,700 hurdle on October 15. The price increase has been met with resistance at $2,700 and $2,800. In other words, the largest altcoin has been trading in the $2,200 to $2,800 range. On the October 15 upswing, a retraced candle body tested the 61.8% Fibonacci retracement line.

Based on the retracement, ETH is expected to reach the Fibonacci extension level of 1.618, or $2,905.92. Nonetheless, if the bulls break through the resistance at $2,700, Ether will rise to a high of $2,900.

ETH Technical Indicators Reading- the $2,700 Hurdle

Following the breakout on October 14, the Ether price bars are now above the moving average lines. The altcoin is increasing as it reaches the resistance level of $2,700. The moving average lines are horizontal, but there is a bullish crossover that indicates the altcoin will continue to increase.

Conclusion

On the 4-hour chart, Ethereum trades sideways above the 21-day moving average line but fails to jump the $2,700 hurdle. On October 15, a lengthy candlestick wick pointed towards the resistance level. It shows severe selling pressure at the $2.700 peak. The crypto signal is range-bound as Ether maintains its range-bound movement.

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