Ethereum (ETH) to $6K if it Holds This Crucial Resistance Level: Analyst

TL;DR

• Despite the recent dip, some analysts suggest Ethereum (ETH) could hit a fresh peak if it doesn’t drop below an important level.
• In contrast, veteran trader Peter Brandt and other indicators signal a further correction in the short run.

New ATH Remains Possible

Ethereum (ETH) followed the overall pullback in the crypto sector witnessed today (November 1), registering a 5% daily plunge. It currently trades at around $2,500 (per CoinGecko’s data) with a market capitalization of a little over $300 billion.

ETH Price, Source: CoinGecko

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

Another individual who chipped in is Poseidon. The analyst promised to cash out their ETH holdings if the price plummets below $2,450 and “won’t go long again.” The last time the valuation dipped to that mark was on October 26.

For their part, CryptoBullet shared a mid-term perspective, predicting a pump to $3,700 in the following two months:

$ETH #ETH 3D chart | Mid term perspective

Support line held brilliantly!

We’ve been stuck between the Support line & Horizontal Resistance ($2770-2870) for 3 months now.

I think in November-December we’ll break out

Target – $3700 pic.twitter.com/n9N3Wqk8Jc

— CryptoBullet (@CryptoBullet1) October 31, 2024

Other optimistic industry participants include Crypto General and Wolf, both envisioning a spike toward $4,000. It is important to note that the analysts outlined their forecasts on October 29 when ETH was trading much higher than now. 

The Contrary Opinion

Unlike the aforementioned analysts, veteran trader Peter Brandt is somewhat pessimistic about an eventual ETH rally. He claimed there was no buy signal on the price chart, suggesting there is an “unmet target at $1551.” His post received support from some X users, with one pointing out the “lack of momentum” as a bearish factor.

Additionally, numerous metrics are currently flashing the sell signal. Those include the Exponential Moving Average (on a 10-day scale), the Simple Moving Average (10 days), Volume Weighted Moving Average (20 days), Hull Moving Average (9 days), and more.