CandleFocus Seasoned Analyst Says Ethereum $6K Rally Likely as Key Support at $2,400 Holds
2024-10-28
Author: Content Editor
Analyst Ali Martinez believes that Ethereum is currently testing a crucial support zone at $2,400. If the price holds in this region, Martinez suggests that Ethereum could rally towards the upper boundary of an ascending channel, reaching around $6,000. The ascending channel pattern consists of two parallel trendlines that indicate clear resistance and support zones. Despite concerns from a commenter that the price could break down from the support level, Martinez argues that there is a strong risk-to-reward ratio if stops are set between $2,300 and $2,150. Furthermore, data from IntotheBlock shows that the majority of Ethereum addresses are in profit, which could reduce selling pressure. Ethereum co-founder Vitalik Buterin also clarified the rationale behind Ethereum Foundation's periodic ETH sales, stating that the proceeds are used to fund core development projects. The Foundation is considering alternative approaches, such as delegating staking to third parties, to enhance ecosystem stability. At press time, Ethereum is recovering from recent losses and is trading at $2,507.68, representing a 1.65% rise in the past 24 hours.
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