TLDR:
- Ethereum price surged over 5%, breaking above $2,600
- Analyst predicts potential rise to $6,000 based on historical pattern
- Bullish trend line forming with support near $2,520 on hourly chart
- Key resistance levels at $2,650 and $2,720
- Further gains possible if ETH clears $2,650 resistance
Ethereum, the second-largest cryptocurrency by market cap, has seen a significant price surge in recent hours, breaking above the $2,600 mark. The price movement has caught the attention of traders and analysts, with some predicting potential for further gains.
According to data from cryptocurrency exchanges, Ethereum’s price increased by over 5% in the past 24 hours. The rally began as Ethereum formed a stable base above $2,400, which served as a springboard for the upward movement. Bulls successfully pushed the price past several key resistance levels, including $2,450 and $2,500.

Technical analysis reveals the formation of a bullish trend line with support near $2,520 on the hourly chart of ETH/USD. This suggests that buyers are currently in control of the market. Ethereum is trading comfortably above both the $2,550 level and the 100-hourly Simple Moving Average, indicating sustained bullish sentiment in the short term.
Crypto analyst Ali Martinez has highlighted a potential pattern that could signal further gains for Ethereum. Using a weekly chart, Martinez points out Ethereum’s price action within an ascending channel. The cryptocurrency has shown a tendency to bounce upward whenever it reaches the lower boundary of this channel.
Martinez notes, “Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for Ethereum.” Based on this pattern, the analyst suggests that Ethereum could potentially rise to $6,000, provided it maintains support at the $2,300 level.
Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for #Ethereum.
If this pattern holds, a similar move could push $ETH to $6,000—provided the key $2,300 support level stays intact. pic.twitter.com/CFpLrQWEih
— Ali (@ali_charts) October 14, 2024
However, before reaching such lofty heights, Ethereum faces immediate resistance in the $2,640 to $2,650 range. A decisive break above this zone could open the path for further gains, with the next target potentially being the $2,720 level.
Some analysts suggest that if bullish momentum continues, Ethereum could make a run towards the $2,800 mark, with others eyeing the $2,880 to $2,920 range as possible targets in the near term.
Adding to the bullish sentiment, market intelligence platform IntoTheBlock has provided further insight into Ethereum’s potential trajectory. Their break-even indicator, which tracks ETH purchases across all addresses, shows that approximately 5.84% of Ethereum addresses are set to break even if prices rise to around $3,000.
As of the latest data, Ethereum is consolidating its recent gains, with the price holding steady above the 23.6% Fibonacci retracement level of the upward wave from the $2,442 swing low to the $2,650 high.
This consolidation may be seen as a period of rest before potentially making another push higher.
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