Ethereum (ETH) at $6,000 if it holds this crucial resistance level – analyst

TL;DR

Despite the recent drop, some analysts suggest that Ethereum (ETH) could reach a new peak if it does not drop below a major level. Instead, veteran trader Peter Brandt and other indicators point to another near-term correction. The new ATH is still possible

Ethereum (ETH) followed the crypto sector’s general pullback witnessed today (November 1), posting a 5% daily drop. It is currently trading around $2,500 (according to CoinGecko data) with a market cap of just over $300 billion.

ETH price, Source: CoinGecko

Despite the negative trend, some analysts outlined bullish predictions. X user Ali Martinez reiterated his prediction that ETH has a chance to reach a new all-time high of $6,000 if it holds above the $2,400 resistance zone.

Another individual who intervened is Poseidon. The analyst promised to cash out his ETH holdings if the price falls below $2,450 and “it won’t last long again.” The last time the rating dropped to this mark was on October 26.

For its part, CryptoBullet shared a mid-term outlook, predicting a bomb to $3,700 in the next two months:

$ETH #ETH 3D graphic | Medium term outlook

The support line held up brilliantly!

We have been stuck between the support line and the horizontal resistance ($2770-2870) for 3 months.

I think that in November-December we will explode

Goal: $3700 pic.twitter.com/n9N3Wqk8Jc

— CryptoBullet (@CryptoBullet1) October 31, 2024

Other optimistic industry participants include Crypto General and Wolf, both of which are forecasting a rise towards $4,000. It is important to note that analysts outlined their forecasts on October 29 when ETH was trading much higher than it is now.

The opposite opinion

Unlike the analysts mentioned above, veteran trader Peter Brandt is somewhat pessimistic about an eventual ETH rally. He stated that there was no buy signal on the price chart, suggesting that there is an “unmet target at $1551”. His post was supported by some X users, with one pointing to the “lack of momentum” as a bearish factor.

Additionally, numerous metrics are currently showing the sell signal. These include the exponential moving average (on a 10-day scale), the simple moving average (10 days), the volume-weighted moving average (20 days), the Hull moving average (9 days) and more.

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