Will Ethereum (ETH), which has been struggling with selling pressure lately, start to rise?
Ethereum (ETH) is holding on to a critical support zone, indicating a possible future upward move. According to the three-day price chart, the rising trend structure in Ethereum has not been broken yet. While these technical models and signals point to a possible rise by the end of the year, analysts set the $ 3,700 level as a target.
Levels to watch in Ethereum (ETH)
Ethereum’s price has been stuck in the $2,770 – $2,870 horizontal zone for the past three months. This range prevents the upward movement of crypto ETH despite buying pressure. This resistance zone between $2,770 – $2,870 stands out as a critical area that traders watch closely.
With November and December approaching, analysts predict that Ethereum may break out of the current range. Overcoming this resistance zone may pave the way for an upward movement for ETH. If ETH breaks this zone, the next target is estimated to be $3,700 and it could register a 30 percent increase from current levels.
Technical indicators support the rise
The 100-day exponential moving average (EMA), which moves in parallel with price movements, predicts that Ethereum may continue its upward trend.
Ethereum fell to $2,510, a decline of 4.86 percent in the last 24 hours. While this decrease occurred in parallel with the decrease in market sentiment, the 24-hour trading volume decreased by 12.79 percent to 19.56 billion dollars. The market value decreased by 4.97 percent to 303.32 billion dollars.
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