Ethereum (ETH) Breakout on Horizon as Price Hits Key Level: Details
All eyes are currently on Ethereum gaining a foothold over the $2,000 price mark.
The price of Ethereum crossed $1,900 for the first time since July, increasing by more than 16% in the last 30 days, per CoinGecko data.
ETH was up 1.8% in the last 24 hours to $1,913 at the time of writing. As Ethereum rises, crypto expert “Carl from the Moon” notices a breakout from an intriguing chart pattern known as the “diamond pattern.”
Dan Tapiero, founder of the 10T Fund, noticed something significant in the Ethereum price action. Tapiero believes Ethereum might hit $4,000 if the climb continues. He believes that a break of the $2,200 barrier will result in Ethereum soon reaching the $4,000 price level.
Tapiero goes on to say that, while it may seem difficult to believe, the digital asset ecosystem is still expanding and that, even though the price of ETH is still down 50% from its highs, real-world use cases are growing.
According to a recent CoinShares report, digital asset investment products received inflows totaling $261 million, marking the sixth week of continuous inflows totaling $767 million.
This surpasses the total inflows of $736 million observed in 2022. Ethereum saw the largest inflows since August 2022, totaling $17.5 million.
Ethereum price action
The Ethereum price rose for the fourth day in a row after hitting support at the $1,776 level, which coincided with the daily MA 200. In today’s trading session, the current climb reached intraday highs of $1,916.
Since Oct. 12, when it hit a low of $1,520, Ethereum has been steadily rising. ETH has surpassed the daily moving averages (MA) of 50 and 200, which are situated at $1,672 and $1,776, respectively.
All eyes are currently on Ethereum gaining a foothold over the $2,000 price mark, which would signify the beginning of a fresh rise for ETH.
Ethereum’s attempts to break through the $2,000 barrier were thwarted by bears in May and July, with Ethereum only reaching a high of $2,138 in April this year.
About the author
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.