Why Is Ethereum (ETH) Price Not Surging Despite Bitcoin (BTC) Nearing ATH? Will ETH Price Ever Reach $3000 This Quarter?
- Linda HamiltonOriginal
- 2024-10-30 21:52:16456browse
Ethereum price is stuck around $2600 and failing to rise over the crucial resistance at $2800 while Bitcoin inches close to its ATH
Ethereum price analysis for the week showcases a consolidation phase within a narrow range, supported by the rising parallel channel on the weekly chart. However, as the price approaches the end of this consolidation period, a bearish Ichimoku cloud formation is observed. This may introduce bearish waves in the market.
On the other hand, the MACD indicator suggests a reduction in selling pressure, with the levels indicating a bullish crossover. This may lead to an extension of the consolidation phase.
In 2021 and early 2024, Ethereum price attained new all-time highs (ATHs) along with Bitcoin. However, ETH failed to gain the necessary momentum during these rallies.
Interestingly, liquidity flow from Bitcoin tends to shift into Ethereum, causing the token to make significant moves only after the primary crypto marks new highs.
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