Ethereum

Bitcoin

Ethereum (ETH), the second-largest crypto by market capitalization, has been in the spotlight due to its price action. A notable crypto analyst, Pentoshi, <a href="https://x.com/Pentosh1/status/1718640104439255086?s=20" target="_blank" rel="noopener nofollow">shed light</a> on the asset’s price trajectory, suggesting a possible uptick in value if current conditions prevail. 
It is worth noting that this analyst’s predictions come at a time when Ethereum&nbsp;trails behind Bitcoin’s recent price rally. Notably, while Bitcoin has recorded a 12.5% increase over the past week, Ethereum’s gains are modest, rising by 8.4% during the same timeframe. 
<h2 dir="ltr" id="ethereum-price-bracket-significance">Ethereum Price Bracket Significance</h2> 
According to the analyst’s post, Ethereum’s immediate future could see an upward trend if it manages to close the week within a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-restarts-increase-1825/" target="_blank" rel="noopener ">specific price range.</a> The suggested target zone, between $1,796 and $2,148, is critical, as highlighted by Pentoshi. 
<img decoding="async" loading="lazy" src="https://pbs.twimg.com/media/F9nURCiXIAAvp9s?format=jpg&amp;name=medium" alt="Targeted price zone for Ethereum to close above $2,000." width="1200" height="759"> 
Should ETH’s closing price fall within this bracket, the analyst posits a potential path cleared for Ethereum to reach or even <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-faces-big-move-2000/" target="_blank" rel="noopener ">surpass the $2,200 mark</a>. While Ethereum lags Bitcoin’s recent performance, the analyst remains optimistic about its prospects. 
<img decoding="async" loading="lazy" class="size-medium" src="https://www.tradingview.com/x/3QsUztJY/" alt="Ethereum/Bitcoin price chart on TradingView" width="2770" height="1556"> 
Pentoshi indicates that Ethereum is <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hints-correction-1750/" target="_blank" rel="noopener ">approaching a “demand zone,”</a> on the BTC/ETH ratio. Notably, this could stimulate buying activity and influence its price positively. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ETH</a> Closing this weekly back inside the range opens up the doors to $2,200 
 Despite it severely underperforming BTC it’s now beginning to enter the demand zone on the btc /eth ratio 
 BTC is bullish as long as above the 31.5-32.5k area thus I’ll continue to have bullish bias… <a href="https://t.co/Hwoi8jwr2O" rel="nofollow">pic.twitter.com/Hwoi8jwr2O</a> 
 — Pentoshi <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f427.png" alt="🐧" class="wp-smiley" style="height: 1em; max-height: 1em;"> euroPeng <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1ea-1f1fa.png" alt="🇪🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Pentosh1) <a href="https://twitter.com/Pentosh1/status/1718640104439255086?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">October 29, 2023</a>
</blockquote> 
<h2 dir="ltr" id="bitcoin-s-bullish-standpoint-maintained">Bitcoin’s Bullish Standpoint Maintained</h2> 
Pentoshi is bullish on Bitcoin, the pioneer cryptocurrency, provided it remains above a particular threshold. The $31,500 and $32,500 area is highlighted as Bitcoin’s support zone. The analyst maintains that staying above this range could sustain the positive outlook on Bitcoin. 
However, a dip below these levels would suggest re-evaluating this bullish analysis. Regardless, Bitcoin does not currently appear to be moving towards any support but instead seems to be pushing above any resistance.&nbsp; 
In just four days, the asset has climbed from a trading price of $34,000 last Thursday to a present trading value of $34,760 at the time of writing. It’s worth noting that BTC has embarked on a <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-on-chain-data-points-to-bullish-outlook-but-theres-a-catch/" target="_blank" rel="noopener ">significant uptrend</a>, ascending more than 20% in the last two weeks. 
Ethereum has also experienced a rally but hasn’t matched Bitcoin’s momentum. Over the past 14 days, ETH has seen a 14.8% increase and is currently <a href="https://www.newsbtc.com/news/ethereum-resilient-above-1800-pre-fomc-meeting-vital-levels-to-watch/" target="_blank" rel="noopener ">trading at $1,820</a>, marking a 1.4% rise in the last 24 hours alone. 
<img decoding="async" loading="lazy" class="size-medium" src="https://www.tradingview.com/x/cnC8BZxi/" alt="Ethereum (ETH) price chart on TradingView" width="2770" height="1556"> 
Featured image from Unsplash, Chart from TradingView

Ethereum’s Price Teetering: Analyst Forecasts Surge Past $2,000 On One Condition

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