Three days ago, SUI reached a new all-time high of $2.36, but Fear, Uncertainty, and Doubt (FUD) surrounding a recent development overshadowed the achievement.

Despite this, market investors remain confident that SUI will soon overcome the setback and break resistance levels again. This analysis explores the factors driving this sentiment and what SUI’s price could reach in the near term.

Traders Are Bullish on Sui Again

SUI’s price is currently $2.12, down 10.63% from its all-time high of $2.36 on October 14. The decline may be tied to rumors of a $400 million insider sell-off of SUI, a claim the Sui Foundation has denied.

During that time, the coin’s Funding Rate dropped into negative territory. The Funding Rate measures the difference between an asset’s perpetual futures price and its spot price. When the rate is high, traders favor long positions and are willing to pay to maintain them, reflecting bullish sentiment.

On the other hand, a negative Funding Rate signals bearish sentiment, as short positions dominate and traders are paying longs to hold their positions. Currently, the Funding Rate has returned to positive territory, indicating that traders have moved past the FUD and are now expecting a significant rebound for Sui.

Read more: Everything You Need to Know About the Sui Blockchain

In line with this outlook, the Balance of Power (BoP), which gauges the strength of buyers versus sellers, has risen. When the BoP drops, it indicates sellers (bears) are dominant, often leading to a price decline. 

However, an increasing BoP suggests that bulls (buyers) are outpacing the bears, which appears to be the case with SUI. This could signal that SUI’s price may climb above $2.11 in the short term.

SUI Price Prediction: New All-Time High Soon

On the daily chart, SUI seems to have solid support around $2.05. This level was vital to the initial move up to $2.36. With SUI’s price at $2.12, it appears that the same support is proving to be instrumental in cementing strength for the altcoin.

If this remains the same, SUI’s price is likely to surpass $2.36 within a few days. But that would only happen as long as bears do not tug the price back from $2.12. Should that happen, the altcoin’s value might climb by 20% and hit $2.55.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

On the other hand, this forecast could be invalidated if SUI holders cash out before the price runs beyond $2.36. In that scenario, the cryptocurrency might drop back to the $2.05 support, and if it loses that level, it could decline to $1.84.

Ethereum price is consolidating gains above the $2,550 resistance. ETH could gain pace if it clears the $2,650 resistance zone.

• Ethereum started a fresh increase above the $2,550 and $2,580 resistance levels.
• The price is trading above $2,600 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rally if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Eyes More Upsides

Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH cleared the $2,600 and $2,620 resistance levels. The price even spiked above $2,650 before there was a downside correction.

The price is again rising and trading above the $2,600 level. The bulls were able to clear the 50% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low. There is also a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,635 level. The first major resistance is near the $2,650 level or the 76.4% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low.

A clear move above the $2,650 resistance might send the price toward the $2,680 resistance. An upside break above the $2,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.

Another Drop In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,610 level and the trend line. The first major support sits near the $2,575 zone.

A clear move below the $2,575 support might push the price toward $2,550. Any more losses might send the price toward the $2,475 support level in the near term. The next key support sits at $2,450.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,575

Major Resistance Level – $2,650