Bearish Sentiment Hits Ethereum Hard: Is a $3,700 Target Still Within Reach?

• Ethereum’s support line has held firmly at $2,770, preventing further downside over the past three months.
• Analysts expect a possible breakout in November or December, pushing Ethereum toward a $3,700 target.
• Market dynamics indicate a bullish trend, with the 100 EMA supporting ETH’s upward trajectory.

Ethereum (ETH) is holding strong at a vital support line, signaling possible bullish momentum ahead. According to a three-day price chart, Ethereum has maintained its position along a rising support line that has sustained its recent uptrend. This pattern and technical signals suggest a possible breakout by year-end, with analysts eyeing a target of $3,700.

$ETH #ETH 3D chart | Mid term perspective

Support line held brilliantly! 👌

We’ve been stuck between the Support line & Horizontal Resistance ($2770-2870) for 3 months now.

I think in November-December we’ll break out 📈

🎯 Target – $3700 pic.twitter.com/n9N3Wqk8Jc

— CryptoBullet (@CryptoBullet1) October 31, 2024

Key Resistance Range at $2,770–$2,870 Constrains Price Movement

Ethereum’s price has been confined to a crucial horizontal resistance zone of $2,770 to $2,870 and its underlying support trendline for the past three months. This range has kept the cryptocurrency from significant advances despite sustained buying pressure. The horizontal resistance, ranging from $2,770 to $2,870, marks a critical area that traders closely watch.

With November and December approaching, analysts predict Ethereum might break out of its current range. A move beyond the established horizontal resistance could set the stage for a significant upward shift. Should Ethereum break through this zone, the next target is forecasted at $3,700, marking a potential 30% increase from current levels. This projection is based on current price momentum, technical indicators, and ETH’s strong support framework.

100-Day EMA Supports Ethereum’s Uptrend

The 100-day EMA, which runs parallel to the price movements, reinforces the underlying trend suggesting that Ethereum’s upward trajectory could remain intact if the support line continues to hold. The combined impact of the EMA and key support at $2,770 provides a solid foundation for Ethereum as it potentially heads toward the next target.

Ethereum (ETH) experienced a notable downtrend over 1 day, with the price decreasing by 4.86% to $2,519.12. This drop aligns with declining market sentiment, as the 24-hour trading volume fell by 12.79% to $19.56 billion. Market cap also decreased by 4.97%, settling at $303.32 billion. Throughout the day, Ethereum’s price initially held steady near the $2,650 level before sharply declining in the afternoon, indicating significant selling pressure that pushed the price to current levels. The

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