Ethereum Faces a Drop as It Suffers Rejection at $2,600

Ethereum (ETH) Current Statistics

The current price: $2,616.88
Market Capitalization: $314,980,079,887.48
Trading Volume: $20,315,638,170.46
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 14, 2024

Ethereum’s (ETH) price has recovered above the moving average lines but suffered rejection at $2,600. The cryptocurrency price is predicted to hit a high of $2,800 due to the price range between $2,200 and $2,800 since August 5. Buyers have failed to maintain the bullish trend above $2,800 during the last two months. Doji candlesticks have been responsible for limiting price fluctuation.

During the most recent price surge, Ether reached a high of $2,732 before being repulsed. Today, if they break the resistance above $2,732, the market will rise above the $2,800 high. Nonetheless, if the bulls are successful in breaching above $2,800, the bullish momentum will continue to the high of $3,400.

ETH Technical Indicators Reading

Both charts show a bullish crossover between the moving average lines, indicating that the cryptocurrency will continue to rise. On the daily chart, the moving average lines are horizontal, indicating a price range of $2,200-2,800. Ether is growing since the price bars are higher than the moving average lines. The altcoin has paused after reaching a peak of $2,600.

Conclusion

Ethereum’s 4-hour chart shows a rising trend but suffers rejection at $2,600. The altcoin has reached a high of $2,642 before pulling back. The altcoin is reaching its previous high of $2,700. The upward trend has slowed, although it remains above the $2,600 support. On the upside, the altcoin will encounter resistance near the $2,800 high. Today’s crypto signal is bullish as the price breaks above the moving average lines.              

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