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BTCUSD Bitcoin

88,199.94

279.41 (0.32%)

00:09:28 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,737,545,220,196	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	279.41	0.32%	88,199.94	88,193.77	88,197.39

High Price	Low Price	Open Price	Prev. Close	52 Week Range
88,276.48	88,015.69	88,200.60	87,923.40	34,758.64 - 89,666.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:09:28	0.000227	88,199.93	USD

Price x Volume	Volume	Base Symbol	Related Pairs
8,807,803.79	99.90	BTC	BTCEUR	BTCGBP	ETHBTC

ETH’s Fate Hinges On $2,300: Will Ethereum Soar To $6,000 Or Dive To $1,600?

09/10/2024 11:00am

NEWSBTC

Ethereum (ETH) has seen significant volatility in recent weeks, dropping from a one-month high of nearly $2,730 at the end of September to around $2,400, raising concerns about the medium-term price sustainability of the second-largest cryptocurrency by market capitalization. Ethereum Rally To $6,000 If $2,300 Support Holds Ethereum has fallen 7% in the past two weeks, with a key support level now at $2,300. This support is crucial for bullish investors hoping for a resurgence that could push ETH to new all-time highs. According to technical analyst Ali Martinez, this moment is pivotal for Ethereum’s future price trajectory. Martinez suggests that if ETH can maintain its support above $2,300, a rally toward $6,000 might be on the horizon. Such a surge would significantly increase, surpassing Ethereum’s previous all-time peak of $4,878 in November 2021. If this bullish scenario plays out, it could translate to a substantial 150% increase from current trading levels. Related Reading: Bitcoin Price Forecast: This Week’s Trends And Historical Patterns For Q4 Conversely, if Ethereum fails to hold above the $2,300 support level in the short term, Martinez warns that ETH’s price could drop to around $1,600. This would signify a decline of nearly 34% from current levels, exacerbating the losses experienced during previous market corrections on August 5 and September 6, when ETH fell by more than 20% on each occasion. The potential loss of the $2,000 mark would also be particularly significant, marking a psychological barrier that has not been breached since November 2023. This time frame corresponds with a broader market uptrend that continued until the end of the first quarter of 2024, underscoring the importance of the $2,300 support level for Ethereum’s bullish outlook. ETH Underperforms Broader Crypto Market In addition to the absence of bullish catalysts for the second-largest cryptocurrency in the market, CoinGecko data indicates a notable lack of investor engagement. Over the past 24 hours, Ethereum (ETH) recorded a trading volume of only 5%, amounting to $14 billion. Moreover, Ethereum is currently underperforming compared to the broader cryptocurrency market, which has risen nearly 3%. In contrast, ETH’s price has declined by almost 6% over the past week, with losses exceeding 2% in the last 24 hours. Related Reading: Bitcoin ETF Options Set To Supercharge Price Volatility, Expert Warns This price stagnation may be linked to losing key moving averages (MAs) over the past two weeks. The 50-day MA is currently positioned just above ETH’s trading price at $2,459, as illustrated by the blue line in the ETH/USDT daily chart below, which currently acts as a resistance for the token. Overall, ETH must maintain support above the $2,300 level. Additionally, the token needs to identify a bullish catalyst that could drive its price back above previously lost levels and target the next significant milestone at $3,000, a threshold that has not been reached since early August. Featured image from DALL-E, chart from TradingView.com

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