Ethereum Price Forecast as ETH Gains Bullish Momentum: Is $2,800 Break Out Near?

Ethereum (ETH) is bullish today, rising toward $2,400 as the broader crypto market recovers from a brief downturn. If the current momentum persists, the price of Ether might hit $2,800 soon.

ETH is hovering at $2,578, an increase of over 3.40% in the past day. This positive market is evident in its trading volume, up by over 85% and above $16 billion.

Moreover, Ether has formed a double bottom on the 4-hour chart, indicating the start of a bullish trend. This market setup suggests buyers are stepping in, and Ether might witness more uptrends in the coming days. So, what's next for ETH?

This analysis will provide insights into Ethereum's next possible direction based on technical indicators, chart patterns, and recent developments.

ETH Price Analysis: ETH Forms Bullish Pattern, Eyes $2,800 Target

Ethereum (ETH) appears bullish, signalling potential upward movement in the market.

Based on the 4-hour chart, ETH has formed a double bottom pattern, a bullish reversal pattern often indicating a downtrend's end and a new rally's start. It recently broke above the neckline of this pattern, which confirms the bullish sentiment and suggests that more gains could be on the horizon.

If this momentum is sustained, Ethereum could reach the $2,800 mark. However, ETH must first break through a strong resistance zone around $2,700 before this happens.

This price level has posed a significant barrier in the past, so it's a critical area to watch. If ETH can break above $2,700, $2,800 could be on the horizon.

Bullish Trendline and Market Sentiment

In addition to the double bottom pattern, a bullish trendline is visible on the chart, which supports the current upward momentum. This trendline has been holding as a critical support level, and as long as the price stays above it, the bullish sentiment in the market remains strong. This supports the idea that ETH could continue its upward move.

Furthermore, the Chaikin Money Flow (CMF) indicator is currently at 0.26, suggesting a strong buying interest in Ether, which could increase the price. The CMF measures the amount of money flowing in and out of an asset, and values above zero indicate buying pressure.

In all, Ethereum's chart shows strong bullish signals. The formation of the double bottom pattern and the break above the neckline suggest that the coin could continue to rise.

With the bullish trendline and strong CMF reading supporting this momentum, ETH could reach $2,800.

Ethereum's Rising Network Activity Boosts Investor Confidence

Over the past week, Ethereum's user activity has surged significantly. Datafrom Artemis shows a 21% increase in the number of unique addresses that completed at least one transaction on the network. This brought the total number of unique active addresses to 362,000.

Ethereum's daily transaction count also saw a notable rise, along with increased users. The daily transaction surpassed 1.15 million, marking an 8% growth in just seven days.

These figures reflect growing interest in Ethereum, which could boost investor confidence. More users and higher transactions often signal a solid and active network, which is typically positive for the price of a cryptocurrency.

Monochrome Set to Launch Australia's First Spot Ethereum ETF

Monochrome Asset Management will launch Australia's first spot Ethereum ETF, IETH, on the Cboe exchange.According to its X post, this product allows investors to gain direct exposure to Ethereum via a regulated market.

Monochrome hosted a private event in Sydney this week with our service providers, team, and partners to mark the upcoming launch of the Monochrome Ethereum ETF (Ticker: IETH).#Ethereum #ETF $IETH pic.twitter.com/VAPOgZcPGr

- Monochrome (@MonochromeAsset) October 10, 2024

The fund, designed to simplify access for Australian investors, will start trading this week. This launch boosts investor confidence in Ethereum as more institutional-grade products hit the market.

When regulated investment options like this become available, they often attract new investors, potentially spiking demand for Ethereum, which may positively impact its price.

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Flockerz: A Potential Alternative to Ethereum

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