Analyst Spots New Critical Ethereum Price Levels With Options Expiry Over
26 Outubro 2024 - 2:30PM
NEWSBTC
Popular crypto analyst Michaël van de Poppe has highlighted vital
price levels in the Ethereum (ETH) market following a massive
option expiry event. This development comes amidst high whale
activity on the Ethereum network. Related Reading: Crypto Analyst
Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000
Possible? ETH To Break Out At $2,750, Analyst Says On Friday,
approximately $1.02 billion worth of Ethereum options contracts
were settled with the max pain point established at $2,600. Amidst
this massive option expiry, the price of ETH rose by over 3% to
trade at $2,547 despite fears of price decline due to increased
market volatility. Following this price gain, Van de Poppe
states that Ethereum now finds itself between two routes,
especially as the “macroeconomic weeks” approach. Options expire
day is done!$ETH bounced upwards, and now the macroeconomic weeks
are kicking in. The question is: are we going to see some upward
momentum or will it retest $2,000? Testing $2,750 again = breakout.
pic.twitter.com/vi3JJ3tNeP — Michaël van de Poppe (@CryptoMichNL)
October 25, 2024 Notably, the US elections are set to be held in a
fortnight, the results of which are expected to wield a significant
effect on the crypto market. Moreover, there is still anticipation
of a Fed rate cut in November which could avail liquidity for
investing in volatile assets such as Ethereum. First, the
analyst postulates that ETH could produce an upward momentum
reaching $2750, a significant resistance level at which the
token has suffered rejection thrice since August. However, van de
Poppe predicts if the second-largest cryptocurrency retests at its
price zone again, it will result in a breakout rising as high as
$3,350. Alternatively, the crypto analyst forecast Ethereum
may experience a price drop in line with its current consolidation
pattern. In this case, ETH would initially retest at $2,300.
However, amidst massive bearish pressure, the altcoin could fall to
$2,000. Related Reading: Ethereum ‘Verge’ Upgrade To Simplify
Running Nodes On Phones And Wearables Ethereum Whale Activity
Reaches Six-Week High In other news, analytics firm Santiment
reports that Ethereum has recorded its highest amount of whale
activity over the last six weeks amidst its price
decline. Traditionally, this high market activity indicates
accumulation by large holders on the Ethereum network, signaling
confidence in the asset’s long-term profitability. At press time,
ETH trades at $2,445 reflecting a price decline of 1.67% in the
past day. However, its daily trading volume is up by 57.97% and is
valued at $23.14 billion. The recent dip in ETH’s price can be
attributed to a recent controversial report on USDT stablecoin
operator Tether, as well as reported Israeli attacks on Iran.
Ethereum remains an investors’ favorite ahead of a highly
anticipated crypto bull run. Multiple analysts have recently
pinpointed a $10,000 price target citing reasons including
historical performances in previous bull cycles. Featured image
from Forbes, chart from Tradingview
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