Will Ethereum (ETH) Price Break $2,600 in the Near Future? Here's the Technical Analysis

 

Today, Ethereum price is increasing while the crypto market is in the red zone. Is this condition proof that Ethereum can reach the level of $ 2,600?

Since Iran's attack on Israel, Ethereum price has been affected and experienced a decline as the crypto market has been very volatile this week. However, surprisingly today the price of Ethereum has increased, even leaving Bitcoin which has fallen in price.

Will Ethereum break through $2,600 as holders of this token hope? Read the complete analysis in this article until the end.

Will Ethereum (ETH) Price Break $2,600

Long-term holders (LTHs) of Ethereum often determine how the ETH token will be priced in the future. There are indicators of LTH behavior. Currently, Ethereum LTH is showing an accumulation mode which is providing a positive signal to the Ethereum price.

The more long-term holders who HODL will also make the price of ETH increase because it means there is long-term trust in this token.

However, investor sentiment towards Ethereum also varies. Although many investors HODL, there is a negative sentiment from investors regarding Ethereum's ability to reach $2,600. This is because the price of Ethereum decreased by 7.3% from October 1 to 8.

The Impact of an HBO Documentary and the Price of Ethereum

This article was written on October 9, 2024, just when HBO scheduled its newest documentary entitled "Money Electric: The Bitcoin Mystery" to be broadcast.

The film is said to reveal who Satoshi Nakamoto is. The figures believed to be Satoshi Nakamoto are Len Sassaman, Hal Finney, and Adam Back.

This HBO film created a riot among crypto fans. It was stated that the documentary could influence Bitcoin price to Ethereum. Will the prices of BTC, ETH, and other crypto tokens drop when the film is finally shown by HBO?

Ethereum Price Chart Today

When this article was written, Ethereum experienced a price increase of +0.42% so that it was trading at $2,434. Even though the increase did not reach 1%, this can be said to be good news because the majority of crypto tokens today experienced a price decline, including BTC, SOL, and USDT.

However, the increase in Ethereum prices has not been calm. Because, if you look at the ETH price chart above, the RSI and MACD indicators actually show unpleasant signs.

Ethereum's RSI is 41.9 points lower than 50, which means there is a large selling trend, more dominant than the buying trend. The MACD line is also declining. If this continues to happen, Ethereum will face a bearish trend.

Ethereum Versus Bitcoin

Ethereum has become the leading altcoin and is predicted to be an alternative coin that can beat Bitcoin. And as expected, the two tokens are always compared regarding their price ups and downs.

In terms of average price increases, the price of Bitcoin has increased by 128% from year to year, while Ethereum is only 53%.

Since it was first launched in July 2015, Ethereum has been able to reach the $1,300 level in 2.5 years since it was first launched. Ethereum reached the level of $4,891 in November 2021 but had to be willing to drop drastically to $900 in 2022 due to unstable world economic conditions.

Conclusion

That is an explanation of the price of Ethereum which has increased today and predictions of reaching the $2,600 level. You can do more in-depth research about Ethereum, from checking prices in real time to finding out about the latest ETH projects only on the Bitrue website.

Bitrue also provides a price conversion feature ETH to USD so you don't need to change websites to check it. Understand more details about how to buy Ethereum before investing in this token.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

This press release has also been published on VRITIMES