The price of Ethereum fluctuated throughout the week, but it rose 6.11% over that same period ending on October 24th. The coin is hovering around $4100 Monday morning after hitting a 5-month high above $4220 last week.
The sudden increase in cryptocurrency prices following the debut of a Bitcoin ETF on Wall Street has caused both bitcoin and Ethereum to rise significantly.
Coin prices have skyrocketed as coins are more popular than ever before with this innovative financial instrument. Experts say that Ethereum and bitcoin should be your top choices for investing capital into crypto markets moving forward.
The cryptocurrency has followed the trend of other volatile assets, including Bitcoin. ETC Price hit its all-time high last week at $4,379 per coin on May 16th, according to Coindesk.
Ethereum Price Analysis
Ethereum has been waving a bright yellow flag for quite a while now. It took the first significant resistance level at around $4,086.
It then broke through it with much enthusiasm to find itself back within sight of green just below that same mark before quickly shedding those gains once more as we entered into another weekend-long downtrend which saw prices fall all the way down under four grand.
Ethereum managed to break back through the first significant resistance level on Saturday, just three days after being met. The 7% jump in prices was highlighted by Wednesday’s impressive rise of 4%. This week will be spent calming down before our next move up begins again.
The current price of Ethereum is still climbing, and it will need to avoid the $4,045 pivot level for its momentum if prices are going higher than previous levels.
A break of this crucial support point could lead Ethereum into testing previous resistance at $4,413, which additional barriers would follow up until May’s all-time high of $4,4383.
According to Yahoo Finance,
“In the event of another extended breakout, Ethereum could test resistance at $5,000 levels before any pullback. The second major resistance level sits at $4,743”.
“A fall through the $4,045 pivot would bring the first major support level at $3,714 into play”.
“Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,500 levels. The second major support level sits at $3,346”.