{"id":816,"date":"2024-10-31T18:00:28","date_gmt":"2024-10-31T18:00:28","guid":{"rendered":"https:\/\/coinstrend.net\/blog\/analyst-says-its-time-to-be-bullish-on-ethereum-as-eth-retests-2700\/"},"modified":"2024-10-31T18:00:28","modified_gmt":"2024-10-31T18:00:28","slug":"analyst-says-its-time-to-be-bullish-on-ethereum-as-eth-retests-2700","status":"publish","type":"post","link":"https:\/\/coinstrend.net\/blog\/analyst-says-its-time-to-be-bullish-on-ethereum-as-eth-retests-2700\/","title":{"rendered":"Analyst Says It\u2019s \u2018Time To Be Bullish On Ethereum\u2019 As ETH Retests $2,700"},"content":{"rendered":"

On Wednesday, Ethereum (ETH) surged above the $2,700 mark for the first time in over a week, sparking a bullish sentiment among several crypto analysts. Some suggested that the second-largest cryptocurrency will soon break from the next resistance level and reclaim the $3,000 mark.<\/p>\n

Ethereum Retests $2,700<\/h2>\n

Ethereum surged above a key resistance level on Wednesday morning as most of the crypto market soared. The cryptocurrency rallied 3.1% toward the $2,700 horizontal level, hitting the $2,722 mark before retracing to $2,710.<\/p>\n

Over the past week, ETH hovered between the $2,430-$2,650 range after failing to hold its support. This performance worried many investors and market watchers, who have heavily criticized the crypto\u2019s price action throughout the year.<\/p>\n

However, today\u2019s jump represents a 5.6% increase in the weekly timeframe, which sparked a bullish sentiment among the community. Crypto trader CRG noted<\/a> that Ethereum is testing a support level in its trading pair against Bitcoin (BTC) in a higher timeframe (HTF).<\/p>\n

Per the chart, ETH\/BTC is retesting an HTF support at the 0.0377 level. The 0.023-0.040 zone was a crucial area between 2020 and 2021, with ETH\u2019s all-time high rally starting after breaking above the upper line of this range.<\/p>\n

\"Ethereum\"<\/p>\n

The trader suggested that Ethereum\u2019s surge would be short-lived as the \u201cKing of Altcoins\u201d has had a \u201cdisappointing\u201d performance despite the spot ETH exchange-traded funds (ETF) approval. \u201cETH is like the toxic ex-gf that keeps you going back,\u201d he jokingly stated.<\/p>\n

Similarly, crypto analyst Micha\u00ebl van de Poppe remarked<\/a> that it\u2019s time to be bullish on ETH, suggesting that there\u2019s a \u201cmassive bullish divergence\u201d in the one-day timeframe of the ETH\/BTC chart, while it was \u201cpopping up\u201d in the three-day timeframe. Van de Poppe pointed out that the 0.051 area is the crucial zone for a trend reversal.<\/p>\n

ETH To Hit $3,000 In Two Weeks?<\/h2>\n

Various crypto analysts have set the $2,800 resistance level as the next crucial zone if Ethereum successfully reclaims the $2,700 mark. Analyst Crypto Yapper pointed out<\/a> that ETH has registered five consecutive green daily candles since bouncing from last week\u2019s lows.<\/p>\n

To the analyst, if ETH breaks above the $2,800 horizontal level, the cryptocurrency will rally toward the $3,000 resistance level and potentially kickstart the altcoin season.<\/p>\n

Similarly, van de Poppe suggested<\/a> that Ethereum will break above the crucial horizontal level in the next two weeks, as it took the liquidity at the $2,450 level and \u201cran back up to resistance.\u201d According to the analyst, this could propel ETH\u2019s price to $3,000 in November.<\/p>\n

ETH has been rejected from the $2,700 resistance level, hovering between the $2,680-$2,690 price range for the past hour. As of this writing, the cryptocurrency trades at $2,693, a 1.4% and 3.3% increase in the daily and monthly timeframes.<\/p>\n

Nonetheless, it\u2019s worth noting that the crypto market might continue facing high volatility over the next few days as speculation increases ahead of the US presidential elections.<\/p>\n

\"Ethereum,<\/p>\n","protected":false},"excerpt":{"rendered":"

On Wednesday, Ethereum (ETH) surged above the $2,700 mark for the first time in over a week, sparking a bullish sentiment among several crypto analysts. Some suggested that the second-largest cryptocurrency will soon break from the next resistance level and reclaim the $3,000 mark. Ethereum Retests $2,700 Ethereum surged above a key resistance level on…<\/p>\n","protected":false},"author":1,"featured_media":817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111],"tags":[72,47,261,31,565,113,150,32,33,62,600],"class_list":["post-816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto-analyst","tag-crypto-market","tag-crypto-trader","tag-eth","tag-eth-etf","tag-eth-price","tag-ethbtc","tag-ether","tag-ethereum","tag-ethusdt","tag-us-elections"],"_links":{"self":[{"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/posts\/816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/comments?post=816"}],"version-history":[{"count":0,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/posts\/816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/media\/817"}],"wp:attachment":[{"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/media?parent=816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/categories?post=816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/tags?post=816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}