Ethereum ($ETH) remains in the green – could this be a turning point?

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As a seasoned cryptocurrency analyst with years of experience under my belt, I have witnessed numerous market fluctuations that would put even the most resilient rollercoaster to shame. The recent performance of Ethereum (ETH) has been akin to watching a slow-motion car crash in slow motion – painful yet captivating.

In recent times, Bitcoin ($BTC), Solana ($SOL), and other digital currencies have been the driving forces in the cryptocurrency recovery. Yet, Ethereum (ETH), the second-largest cryptocurrency by market value, has noticeably lagged behind. Interestingly, as Bitcoin has retreated from its record high, Ethereum has maintained its strength. Is this a sign of change? Could it be that Ethereum is poised for a resurgence?

A dismal time for $ETH bulls

Over the past few months, Ethereum’s investors have found themselves largely on the side lines, with Bitcoin and its ally, Solana, the leading challenger to Ethereum in the Layer 1 space, garnering most of the spotlight.

Since hitting over $4,000 in early March, ETH’s price has generally trended sideways and downwards, decreasing not just in terms of U.S. dollars but also compared to BTC, SOL, and numerous top-performing cryptocurrencies.

$ETH close to breakout against $USD

Is it possible that things are about to move upward for ETH/USD? Currently, Ethereum’s ($ETH) price appears to be consolidating well above the $2,500 support level. If the positive trend continues from here and Ethereum manages to break through the downward trendline, we might witness a situation where it keeps rising. To make matters even more promising, the weekly Stochastic RSI at the bottom of the chart suggests that there is strong upward momentum in ETH’s price movement.

$ETH at its lowpoint against $BTC?

The ETH/BTC pair has possibly been the biggest cause for concern for Ethereum bulls. A long descending channel has led the $ETH price lower against $BTC since early August of 2022. $ETH even broke an ascending trend line, in place since September 2019, and just recently, threatened to fall through the bottom of the descending channel.

It appears that the potential drop in ETH has been prevented, as it is now resting on robust horizontal support. This situation might lead to a rebound. Moreover, the Stochastic RSI indicators seem poised to cross above the 25.00 level, suggesting strong bullish momentum for ETH prices.

Can SOL/ETH break back into the range, or will it be a confirmation and then higher for $SOL?

Compared to its primary rival Solana (SOL/ETH), it’s clear that Ethereum (ETH) bulls are attempting to counteract Solana’s breakout from the extensive range this pair has maintained since the start of the year. The weekly Stochastic RSI for ETH has crossed back down, suggesting potential reversal. However, whether this trend will persist or if the price of Solana might rebound to reinforce the breakout and rise further is yet uncertain.

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2024-10-30 17:02