Monday, October 14, 2024

Will Ethereum (ETH) Price Break $2,600 in the Near Future? Here's the Technical Analysis

Today, Ethereum price is increasing while the crypto market is in the red zone. Is this condition proof that Ethereum can reach the level of $ 2,600?

Since Iran's attack on Israel, Ethereum price has been affected and experienced a decline as the crypto market has been very volatile this week. However, surprisingly today the price of Ethereum has increased, even leaving Bitcoin which has fallen in price.

Will Ethereum break through $2,600 as holders of this token hope? Read the complete analysis in this article until the end.

Will Ethereum (ETH) Price Break $2,600

Long-term holders (LTHs) of Ethereum often determine how the ETH token will be priced in the future. There are indicators of LTH behavior. Currently, Ethereum LTH is showing an accumulation mode which is providing a positive signal to the Ethereum price.

The more long-term holders who HODL will also make the price of ETH increase because it means there is long-term trust in this token.

However, investor sentiment towards Ethereum also varies. Although many investors HODL, there is a negative sentiment from investors regarding Ethereum's ability to reach $2,600. This is because the price of Ethereum decreased by 7.3% from October 1 to 8.

The Impact of an HBO Documentary and the Price of Ethereum

This article was written on October 9, 2024, just when HBO scheduled its newest documentary entitled "Money Electric: The Bitcoin Mystery" to be broadcast.

The film is said to reveal who Satoshi Nakamoto is. The figures believed to be Satoshi Nakamoto are Len Sassaman, Hal Finney, and Adam Back.

This HBO film created a riot among crypto fans. It was stated that the documentary could influence Bitcoin price to Ethereum. Will the prices of BTC, ETH, and other crypto tokens drop when the film is finally shown by HBO?

Ethereum Price Chart Today

When this article was written, Ethereum experienced a price increase of +0.42% so that it was trading at $2,434. Even though the increase did not reach 1%, this can be said to be good news because the majority of crypto tokens today experienced a price decline, including BTC, SOL, and USDT.

However, the increase in Ethereum prices has not been calm. Because, if you look at the ETH price chart above, the RSI and MACD indicators actually show unpleasant signs.

Ethereum's RSI is 41.9 points lower than 50, which means there is a large selling trend, more dominant than the buying trend. The MACD line is also declining. If this continues to happen, Ethereum will face a bearish trend.

Ethereum Versus Bitcoin

Ethereum has become the leading altcoin and is predicted to be an alternative coin that can beat Bitcoin. And as expected, the two tokens are always compared regarding their price ups and downs.

In terms of average price increases, the price of Bitcoin has increased by 128% from year to year, while Ethereum is only 53%.

Since it was first launched in July 2015, Ethereum has been able to reach the $1,300 level in 2.5 years since it was first launched. Ethereum reached the level of $4,891 in November 2021 but had to be willing to drop drastically to $900 in 2022 due to unstable world economic conditions.

Conclusion

That is an explanation of the price of Ethereum which has increased today and predictions of reaching the $2,600 level. You can do more in-depth research about Ethereum, from checking prices in real time to finding out about the latest ETH projects only on the Bitrue website.

Bitrue also provides a price conversion feature ETH to USD so you don't need to change websites to check it. Understand more details about how to buy Ethereum before investing in this token.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

SUI Price Steadily Rising, Will It Reach New ATH? Here is the Technical Analysis

The crypto market is currently not doing well. However, the price of SUI has been steadily increasing in the past month. What is the reason for this increase in the price of the token?

Amid the crypto market, which is currently red, a piece of good news came from SUI. SUI Price experienced a significant increase of up to 20% in the last 24 hours when BTC, ETH, BNB, SOL, and USDT experienced a price decline.

What is the reason behind this spike in token prices? Read the explanation in this article until the end.

Why are SUI prices increasing?

In terms of market capitalization, SUI is ranked 18th. Even though it has not yet entered the top ten, in the last month, SUI's performance is considered very good. This is because SUI experienced an increase of up to 124% during that time.

There are several reasons why SUI prices have increased, one of which is the news that the USDC Circle stablecoin will be launched on the Sui Network. The announcement of this launch was made on September 17 and since then, the price of SUI tokens has experienced a steady increase until now.

The launch of USDC is considered important because it is classified as the second largest token in the world as a currency that is used significantly in on-chain transactions besides USDT. SUI, which has experienced a smart contract network, makes investors optimistic about the innovations that will occur in the future.

Apart from the news of the launch of USDC on the SUI network, support from one of the global crypto exchanges also makes SUI even more prominent among investors.

Current SUI Price Chart

At the time of writing, SUI was trading at $2.0134 with an increase of +3.79%. The highest price was $2.1646 in the last 24 hours.

It can be seen from the capture above taken from Market Bitrue, SUI currently has a positive outlook price chart. The RSI indicator is at 59, which means the buying trend dominates positively compared to the selling trend.

The MACD SUI indicator also appears to be climbing upwards. SUI token holders must get ready because a bullish SUI trend will occur.

Current Crypto Market Conditions

As mentioned at the beginning, currently the crypto market is red. Large tokens, such as BTC, ETH, and SOL experienced significant price declines.

Bitcoin Price currently is $62,213 with a decline of -2.22%, Ethereum price was $2,422 with a decline of -2.54%. The decline in SOL is higher, namely -4.06%, and currently Solana is trading at $142.86.

This condition occurs due to several factors, one of which is because the conflict between Iran and Israel has continued to heat up since October 1. October is much awaited as a happy month with its #Uptober.

However, given the nature of the crypto ecosystem's reaction to conflict between countries, will #Uptober still happen? You can follow the latest conditions in the crypto ecosystem by reading Bitrue articles.

About Bitrue

BIR Commissioner Lumagui & BIR Personnel received Cybersecurity Awards from United States Agency for International Development during Cybersecurity Month

Wazzup Pilipinas!?

Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. received the Cybersecurity Vanguard award from the United States Agency for International Development (USAID) through the latter's Better Access and Connectivity (BEACON) Project last October 3, 2024. Several BIR personnel also received awards from the USAID.

"The Cybersecurity Vanguard, Cybersecurity Ironman, and Cybersecurity Champion awards given by the United States Agency for International Development to the BIR is an international recognition of our efforts in strengthening our cybersecurity. The BIR values data security, and recognizes the importance of safeguarding sensitive taxpayer information," Commissioner Lumagui stated.

The BIR was honored with three distinguished awards. These accolades celebrate the BIR and its personnel who have excelled in embodying cybersecurity initiatives and best practices, serving as exemplary models for others.

1. CYBERSECURITY VANGUARD - is given in honor of the Bureau’s outstanding leadership and exceptional commitment to the Cybersecurity Capacity Building Initiative. This is a testimony to the Bureau’s strategies to safeguard data and avert breaches that could compromise public confidence, as evidenced by having the most number of employee participations in the said cybersecurity trainings.

2. CYBERSECURITY IRONMAN - is given to an individual participant in honor of their remarkable achievement in completing the most number of cybersecurity trainings/workshops hours. USAID-BEACON awarded CYBERSECURITY IRONMAN to five BIR personnel who have demonstrated exceptional skills in cybersecurity defense through their extensive training participation.

3. CYBERSECURITY CHAMPION - is presented to two BIR personnel who have played a vital role in upholding cybersecurity best practices, recognized for their significant training hours. The awardees have completed the most number of cybersecurity trainings/workshops sessions under the Cybersecurity Capacity Building Initiative.

"The BIR is grateful to USAID for these awards. We look forward to future cybersecurity trainings," Commissioner Lumagui stated.