Ethereum Price Surges 2% as ETH Bulls Target 2,789 Mark in the Short-term

Highlights:

• Ethereum’s bullish price outlook could lock in gains to $3,000 before November.
• Blackrock CEO Larry Fink says that ”the role of Ethereum as a blockchain can grow dramatically.”
• A crypto analyst has suggested that if the $2,300 support level is maintained, the ETH price could rally to $6,000.

The Ethereum price has flipped bullishly, surging 2% today, with the ETH/USD trading at $2,610. Its 24-hour trading volume has notably soared 31% to $19.91 billion, suggesting increased market activity. ETH is now up 7% in a week, 8% in a month, and 67% in a year.

Sentiment has improved significantly, not only for Ethereum but also for the rest of the crypto market, including Bitcoin. Meanwhile, Larry Fink, BlackRock’s CEO, noted during the BlackRock Q3 Earnings Conference Call that “the role of Ethereum as a blockchain can grow dramatically.”

BlackRock CEO Larry Fink says:

"The role of Ethereum as a blockchain can grow dramatically." pic.twitter.com/srXPUOXbSp

— Altcoin Daily (@AltcoinDailyio) October 15, 2024

Elsewhere, renowned analyst @ali_charts on X has noted that provided the key $2,300 support level stays intact, it could push the Ethereum price to $6,000. 

Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for #Ethereum.

If this pattern holds, a similar move could push $ETH to $6,000—provided the key $2,300 support level stays intact. pic.twitter.com/CFpLrQWEih

— Ali (@ali_charts) October 14, 2024

Ethereum Statistical Data

Based on CoinmarketCap data: 

• ETH price now – $2,610
• Trading volume (24h) – $19.91 billion
• Market cap – $314.11 billion
• Total supply –120.39 million
• Circulating supply – 120.39 million
• ETH ranking – #2

ETH Bulls Show Resilience in the Market: Can They Break Above the 200-day SMA?

Since August 4, the Ethereum price has been stuck in a tight range for several weeks after a severe correction in the crypto market. The upper limit/resistance is at $2,789, and the lower limit/support is at $2,242. This tug-of-war between the bulls and the bears formed a bearish flag pattern in the market.

However, the bulls seem to be gaining momentum in the market, as they have quashed the seller congestion at $2,464, coinciding with the 50-day SMA(green). However, to be safe, they must clear the seller congestion portrayed by the $3,040 (coinciding with the 200-day SMA). This will encourage already sidelined investors and traders to enter the market without fearing or worrying about sudden corrections.

The Relative Strength Index (RSI) sits above the 50-mean level, currently at 58.85. This suggests that the buyers have the upper hand in the Ethereum market. Increased buying appetite from investors and traders will cause the RSI to climb potentially to the overbought regions. Moreover, there is more room for the upside before ETH is considered overbought.

On the other fence, the Moving Average Convergence (MACD) indicator has flipped bullishly, upholding a buy signal. This is manifested by the MACD indicator crossing above the orange signal line, hence the call for traders to rally behind ETH. If the momentum builds in the market, the MACD could hurtle above the neutral level (0.000) area) to the positive territory, confirming the anticipated uptrend. 

Ethereum Price Outlook

Based on the daily chart timeframe above, there is a mixed reaction in the Ethereum market. However, to the upside, if the investors and traders answer the call to rally behind ETH portrayed by the MACD, the token could surge. If the 2,464 support holds, the bulls could build momentum, targeting the $2,789 technical barrier. A break above the resistance zone will see the bulls begin a meaningful uptrend, potentially reaching $3,040 in the coming days.

On the downside, the ETH price would drop if the bears capitalize on the bearish flag pattern and the 200-day SMA, which show some bearish prospects. In such a case, the $2,464 support area will cushion against further downward pressure.