Briefly –
- ETH has its price creating multiple equal lows near the support floor at $2,764 as buyers want to dominate sellers.
- Ethereum might surge 15% from the demand barrier at $2,876, rising past the descending channel to tag $3,329.
- However, violating the foothold at $2,764 may catalyze a 13% drop towards $2,401.
ETH price has maintained a downward trend since the sudden plunge on 7 September and depicts reversal signs. However, Ethereum has to create a higher high beyond its recent swing points to surge. The overall market has witnessed ugly developments that weighed on the crypto assets.
ETH Shows Optimistic Actions
Ethereum has traded with a plunging attitude since 7 September, with its lower high near $3,937. During its downbeat, Ethereum formed three unique lower lows and two swing highs. Using the trend lines to connect ETH’s swing points creates a descending price channel.
However, ETH seems to be steady since 21 September. That came as buyers activated their actions, forming equal lows near $2,764. If the altcoin continues to record buying activities, market players can expect Ethereum to rise to break from the parallel channel.
However, any attempt to advance might encounter massive obstacles around $2,995, then the psychological area at $3,000. If the asset overpowers this zone, it will have a smooth path for a decisive close beyond $3,174. Success from this level will result in a breakout taking the dominant alt to the formidable resistance at $3,329. The surge to $3,329 from $2,876 constitutes a 15% upswing.
Contrarily, if ETH fails to gather momentum to soar above the psychological level at $3,000, it will confirm buyers’ weakness, revealing that bulls found the dominant selling pressure overwhelming. Keep in mind that bullish actions are necessary for the crypto to record higher moves.
That way, investors will see delayed upsurges. Moreover, breaching the support floor at $2,764 might result in a 13% downswing towards the 70.5% FIB retracement at $2,401. However, the downside move does not show bearishness dominance. Buyers can take this opportunity to launch a new price increase.
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