On October 22, 2024, Ethereum (ETH) trades above $2,600 after a recent 5% retrace from local highs around $2,750, maintaining a bullish trajectory. Analysts predict a potential rally to $3,000 as altcoin projects on the Ethereum network flourish.
Ethereum has seen a 9% price increase over the past week, recovering from a dip below $2,400 earlier in the month. This recovery follows a significant surge in network activity, with trading volumes indicating strong investor interest.
Notably, the price action is supported by a recent breakout from a bullish pattern identified by analyst Carl Runefelt, who suggests that if ETH holds above $2,600, it could target higher price zones, potentially reaching $3,400. Conversely, a close below $2,600 may lead to further downside.
As Ethereum approaches the $3,000 mark, the broader cryptocurrency market is gaining momentum, with renewed interest in meme coins like Shiba Inu (SHIB), which has surged by 42% recently. The ongoing developments in Ethereum's ecosystem, including the rise of innovative projects like Cutoshi (CUTO), contribute to the optimism surrounding ETH's price trajectory.
The coming days are crucial for Ethereum's momentum, as traders closely monitor key support levels to gauge the future direction of its price.