Ethereum price analysis 10/10/24

As of October 10, 2024, Ethereum (ETH) is also experiencing a period of bearish pressure, aligning with the broader cryptocurrency market. After peaking at $2,525 on October 7, Ethereum’s price has steadily declined, reaching around $2,396 by October 10. This downward movement reflects the broader market trend where Bitcoin and other major cryptos, like Solana and Cardano, are also under selling pressure.

Key support for Ethereum lies at $2,353, while resistance is observed around $2,420. Ethereum, much like Bitcoin, is approaching oversold conditions, with the Relative Strength Index (RSI) showing values close to 48.50. Although not yet in oversold territory (RSI < 30), the current RSI suggests that Ethereum may face further downside pressure if the broader market sentiment remains bearish. However, a bounce from these levels could occur if buyers step in at key support zones(

In the broader market context, Ethereum holds a significant portion of the market, with a dominance of 12.58%. This comes after a market-wide decrease of 2.24% in the total cryptocurrency market capitalization, now standing at $2.29 trillion(

There are mixed short-term predictions for Ethereum. Some analysts predict a continuation of the current bearish trend, with a possible test of the $2,353 support level. If Ethereum fails to hold this support, it may fall further toward the $2,300 mark. However, should the price rebound from this level, Ethereum could aim for a recovery toward $2,500 in the near future.