Ethereum Scores Over 7% Gains, What’s Up?

After facing a market-wide correction, several coins, including Ethereum and Solana, have recorded substantial gains in the past week. Earlier today, Ethereum reached a 24-hour high of $1,652 before dropping to $1,602 at press time. The Ethereum killer Solana also peaked at $33.74 on the day. However, it has fallen to $32.66. Although both have suffered some losses on the day, the coins have kept impressive profits in the last seven days. The top-ten tokens by market cap recorded a weekly gain of over 10%. Ethereum and Solana are poised to finish the month of October strong if they continue at this pace. Related Reading: MATIC Looks To Hit $1 Target After Breaching Major Resistance Ethereum Breaks Through $1.6k. What To Expect Next After months of decline, the price of Ethereum appears to be following the market’s lead. It found key support near the $1250 level, pushing its price above the descending channel pattern. The price is testing and likely breaking above the major negative trendline. According to traditional price action, the market should be able to break over the $2,000 resistance level relatively easily. Anyway, the 200-day moving average is hovering around the $1700 mark, which might be a significant barrier for Ethereum. After months of slumping, Ethereum’s structure would turn bullish if the price breaks above the moving average and the $2000 zone. As a result, ETH’s price can go up in the mid-term. ...