The Crypto Week Ahead Looks Promising, with Ethereum [ETH] Starting the Final Quarter of the Year on a Positive Note
- Susan SarandonOriginal
- 2024-10-02 07:00:20317browse
Additionally, several major token unlocks are expected, and both Bitcoin [BTC] and Ethereum are likely to strengthen their hold on the market as their prices trend upward.
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Ethereum [ETH] began the final quarter of the year on a positive note, as the crypto week ahead looks promising.
Both Bitcoin [BTC] and Ethereum are likely to strengthen their hold on the market as prices trend upward.
At press time, ETH was trading at around $2,635.16, staying above its 50-day moving average of $2,527.49.
Despite a recent 2.13% decline, Ethereum remained above this key support level.
It was trading between $2,635 and resistance at $3,113.
The next significant Fibonacci resistance level is at $3,759.90, which could be a long-term target if the bullish trend continues.
In the short term, if Ethereum can break above the 200-day moving average at $3,113, the price could climb to $3,400–$3,500.
In the medium term, a successful push above $3,432 could open the door to a potential move toward $4,000, depending on market sentiment in the crypto week ahead.
However, if ETH fails to break the $3,113 resistance, it may pull back to the 50-day moving average at $2,527.
A break below this level could lead to a further decline toward $2,400, and if selling pressure mounts, support around $2,000 may be tested.
Major token unlocks
A key event in the crypto week ahead is the release of over $1 billion worth of tokens.
Starting 1st October, Sui (SUI) will unlock around $115.55 million, and ZetaChain (ZETA) will unlock about $38.59 million.
On the 4th of October, Immutable X (IMX) will release $58.78 million in tokens. The largest unlock comes later in the month, with Celestia (TIA) set to release over $1 billion worth of tokens.
Bitcoin and Ethereum maintain market dominance
Despite recent fluctuations, Bitcoin and Ethereum continue to dominate the crypto market. Bitcoin holds 56% market dominance, while Ethereum accounts for 14%, according to CoinMarketCap.
Historically, October has been a positive month for cryptocurrencies, and their dominance is expected to grow further in the crypto week ahead.
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