$ETH Price Eyes $3,100 After Bitcoin’s Revival
From a technical analysis perspective, $ETH price action exhibits fractal patterns. ETH is currently mirroring a previous movement that has occurred twice before. Interestingly, these recurring patterns have historically marked major cycle bottoms, often leading to new all-time highs for ETH following the start of a rally at these points.
Looking at the long term, the cycle bottom for Ethereum was established on August 4 at $2,127.
In the short term, however, ETH might retest the $3,141 level, a significant supply zone. Previously, this level led to a substantial drop down to $2,127. Revisiting this area could potentially activate some unfilled orders
On the other hand, if Ethereum price fails to move higher due to a sudden, unexpected crash in Bitcoin price, then the 50-period and 200-period EMAs at $2,588 and $2,562 will serve as support floors. A breakdown of these levels is the first signal of bullish momentum failure.
A breakdown of the October 25 swing low of $2,382, will invalidate the bullish thesis for $ETH Such a development could send Ethereum price down to $2,270. In dire cases, the smart contract token could drop to $2,127 #BinanceBlockchainWeek #BTCBreak71K #BTCETFDemandSurge #EthereumPectraUpgrade