Ethereum Flying, ETH Bulls Aim at $3,500 after “Painful” Q3 2024
Ethereum is firm, soaring from $2,400 as bulls aim to break local resistance at $2,800. Is ETH preparing for $3,500?
Ethereum, like Bitcoin, is soaring. The solid bull bar of October 14 could shape the short to medium-term price action, influencing how prices perform. As it is, buyers are in charge, and the local support will remain at $2,300. Although the coin is firmly in an uptrend, clear entries will be present when the coin rockets above $2,800. Even so, aggressive traders can ride the positive sentiment following yesterday’s gains, expecting the coin to breach $2,800. Risk-off traders will consider loading opportunities once there are decent gains above September highs.
Traders are upbeat and expect Ethereum to fly even higher in the coming sessions. As sentiment improves, ETH is up nearly 4% in the past day Amid this, the average trading volume is up, rising to nearly $20 billion. ETH will attract more liquidity if prices continue printing higher highs, driving engagement to new multi-week highs.
As prices break out from the local range, the following Ethereum news events are worth watching:
- Net flows into spot Ethereum ETFs will be crucial in fanning demand. While the optimism is high, all spot ETH ETF issuers registered outflows of $9.8 million last week. Grayscale ETHE tops the list.
- Vitalik Buterin is net long ETH. Over the past few weeks, the co-founder has been liquidating meme coins like MooDeng and Popcat, receiving over $880,000 worth of ETH. Funds received are sent to charities.
Ethereum Price Analysis
ETH/USD is bullish at press time.
With the October 14 a wide-ranging bullish engulfing bar, aggressive traders can long on dips, targeting $70,000.
All the same, there are better entries above the local resistance at $2,800.
If the breakout bar is like the October 14 bull candlestick, risk-on traders can load up targeting $3,000 and $3,500.
Any unexpected drop below $2,300 will invalidate this bullish outlook.
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