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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently lagged behind other top tokens, posting losses on both a 24-hour and weekly basis.
Despite this downturn, some analysts believe that if Ethereum can overcome critical resistance levels in the near future, it may follow seasonal trends typically seen in “Uptober,” potentially leading to a price recovery.
Ethereum Struggles To Break $2,800 Resistance
Technical analyst Daan Crypto Trades recently pointed out that Ethereum has yet to make a higher high, a feat achieved by Bitcoin (BTC) last week. In order to reverse its current trend, the analyst explains that ETH needs to break through the $2,800 level, which coincides with the daily 200 exponential moving average (EMA).
Currently, Ethereum’s price has retraced over 1% in both the last 24 hours and the past week, currently trading at $2,611. This decline contrasts with the gains recorded over the past two weeks (14%) and the past month (4%).
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Despite marking a higher low of $2,640 at the end of the previous week following a nearly 20% drop on September 6, where prices fell to $2,150, ETH remains far from its yearly high of nearly $4,000 achieved in the first quarter of this year and its all-time high of $4,878 from November 2021.
In contrast, Bitcoin recently reached a two-month high of $66,500, moving closer to its all-time high of $73,700 set in March, highlighting the stark difference in performance between Bitcoin and Ethereum during this period
However, much like Daan Crypto Trades, other analysts maintain a bullish outlook for Ethereum if important support levels are held by the bulls and if the price can break through key resistances.
Analysts Forecast New All-Time High In Early 2025
Market expert Guru Vedas has recently noted that ETH appears to have hit a curve support on its two-hour chart, with support levels between $2,550 and $2,600. He suggests that a recovery could be imminent from this support base.
Another analyst, known as “Man of Bitcoin,” echoed this sentiment, asserting that ETH could continue to rise as long as it remains above $2,560. He identified key support levels for a larger wave, ranging from $2,539 to $2,351, which are critical for any near-term recovery.
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Adding to the optimism, analyst Ted Pillows highlighted that Ethereum is forming a similar fractal pattern to one observed during its previous bull cycle, which saw prices surge from $1,600 to $4,000.
The analyst predicts that the ETH price could reach between $4,000 and $4,400 by the end of this year, with a potential new all-time high anticipated in the first quarter of 2025 above $4,800.
Featured image from DALL-E, chart from TradingView.com