Despite its recent downside, the Ethereum price seems to have found some stability today, up just 0.1%.
This slight uptick comes after a week of significant volatility, where a false reversal ultimately led to a 2.24% decline.
While ‘Uptober’ sentiment caught hold towards the end of the month, November seems to be reining Ethereum back in.
However, amidst this potential final entry spot, traders appear to be more engaged with Ethereum. The altcoin’s trading volume is up 19%, reaching $14.5 billion.
Ethereum Price Amidst ‘Final Dip’ – Is an All-Time High Next?
In a recent string of X posts, influential pseudonymous trader Poseidon urged his followers “not to hesitate” as Ethereum broke below the $2500 threshold, citing it to be a bear trap.
The trader views the dip as a buying opportunity and a slight deviation from Ethereum’s path to “ultimately break to the upside.”
Notably, this aligns with technical indicators pointing to an impending breakout from the multi-month downtrend Ethereum has suffered under.
ETH / USDT 1W chart, Ascending triangle pattern within descending channel. Source: Binance.
As the Ethereum price currently battles to hold the bottom support of a bullish ascending triangle pattern, Poseidon’s anticipation of a bottom seems credible.
If this is indeed the final dip, a successful bounce would lead to a retest of its upper resistance, a bullish breakout, and an escape from the consolidation Ethereum has been bound in since August.
This seems all the more likely as the MACD line appears to be approaching a crossover above the signal line, a move that typically coincides with significant upticks in the Ethereum price.
However, challenges remain, most notably the upper resistance of the descending channel that has held Ethereum in a downtrend since March.
While the 200SMA has provided strong support throughout the recent consolidation, the 50SMA remains a stubborn resistance level. Overcoming it around $2,930 will likely prove critical for solidifying a breakout from the triangle.
Given that the pattern materializes, a conservative price target of $3,400 seems credible by the year’s end. However, Poseidon notes a much higher target, eyeing $10,000 running into 2025.
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The post Ethereum Eyes ‘Final Dip’ Below $2.5K – Will This Be the Launchpad for a New All-Time High? appeared first on Cryptonews.
