Ethereum (ETH) has recently lagged behind other top tokens, posting losses on both a 24-hour and weekly basis. Despite this downturn, some analysts believe that if Ethereum can overcome critical resistance levels, it may follow seasonal trends typically seen in “Uptober.”
Technical analyst Daan Crypto Trades pointed out that Ethereum needs to break through the $2,800 level. This level coincides with the daily 200 exponential moving average (EMA). Ethereum is currently trading at $2,611, down over 1% in the last 24 hours and the past week.
ETH has marked a higher low of $2,640 after a significant drop on September 6. However, it remains far from its yearly high of nearly $4,000 and its all-time high of $4,878 from November 2021. In contrast, Bitcoin recently reached a two-month high, moving closer to its all-time high.
Analysts maintain a bullish outlook for Ethereum if it holds important support levels and breaks through key resistances. Market expert Guru Vedas and other analysts suggest that a recovery could be imminent from the support base between $2,550 and $2,600.
Analyst Ted Pillows highlighted that Ethereum is forming a similar fractal pattern to one observed during its previous bull cycle. He predicts that ETH could reach between $4,000 and $4,400 by the end of this year, with a potential new all-time high in early 2025 above $4,800.
