Ethereum Floats above $2,400 as ETH Breaks from a Mega Descending Wedge

Ethereum is rising when writing, per the formation in the daily chart. As long as the coin is above $2,200, technical candlestick arrangements validate the uptrend. Accordingly, if this momentum remains, ETH can easily break from the current consolidation. The local resistance is at around $2,800. Overall, the zone between $2,200 and $2,800 is critical as far as the short to medium-term trend is. If ETH buyers push harder, breaching the upper limit of this zone, it could be a strong start for traders in Q4 2024.

At press time, the trend favors buyers. Ethereum is already up over 5% in 24 hours, pushing weekly gains to over 9%. Meanwhile, engagement is rising as the average trading volume is up to over $19 billion. As prices recover, the probability of capital flowing into the second most valuable coin will only increase, benefitting traders.

The following Ethereum news events are dominating headlines:

• One of Ethereum’s top developers insists that ETH is not money like Bitcoin or Litecoin. Instead, the whole ecosystem is meant to be a decentralized world that, in turn, gives the coin value.
• Technical candlestick arrangement, at the moment, favors buyers. Events in the daily chart show that the coin is breaking out of a mega-descending wedge.

Ethereum Price Analysis

ETH/USD is printing encouraging higher highs.

After the uptick of September 19, traders can consider aligning with the emerging trend. This preview holds as long as the coin trends above the $2,100 and $2,200 support zone.

If buyers confirm yesterday’s gains and ETH breaks away from the consolidation, above September 13 high, the next target would be $2,800.

Sustained gains above this level open Ethereum to $3,300 and $3,500.

Conversely, should there be losses forcing the coin below $2,100, this outlook will be nullified.