Will Ethereum (ETH) Reach All-Time High After Bitcoin (BTC)?

On November 7, 2024By Littum

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Ethereum has struggled to keep up with Bitcoin, which has surged to record highs in recent weeks. Ethereum has maintained a descending price channel, indicating a more muted performance, while Bitcoin has gained attention with its spectacular convention.

The market appears to be generally bullish, but ETH does not seem to have the momentum needed for a major breakout. Ethereum appears to be stuck in a downtrend with no immediate indications of an upward breakout according to the daily chart’s current descending channel. Selling pressure has responded to recent attempts to break above resistance, highlighting the upper limit of the channel as a difficult barrier.

This suggests that Ethereum may have a more difficult rise than Bitcoin’s recent rise. In terms of support and resistance, the upper limit of the descending channel and the $2,650 level represent Ethereum’s immediate resistance. It would be important for ETH to break above this resistance to gain some bullish momentum. The next major resistance level above that is $2,750, where previous rallies have met with resistance.

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Ethereum has a stronger base at $2,250 and support at $2,350 on the downside, which could act as a buffer if selling pressure increases. Volume patterns raise additional issues. Trading volume is steadily declining, which could mean buyers are waiting for a more clear breakout signal or losing interest. Ethereum is unlikely to gather the strength required to break out of its current channel without an increase in volume.

Unfortunately, the state of Ethereum can be described with the word “sad”, as it has not seen much success in achieving critical price levels since the end of the summer and has faced nothing but large selling waves from key holders.