All eyes are on Ethereum as the crypto market watches closely following Bitcoin’s recent surge. Analysts and investors are now cautiously waiting for Ethereum to catch up, with some fearing that ETH’s performance in this cycle may fall short of expectations. 

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Recent price action for Ethereum has shown signs of strength, giving investors confidence that a potential breakout could be near. Ethereum is currently trading within a bullish pattern that, if broken, could lead to a massive surge in the coming weeks. 

With Bitcoin leading the way and market momentum building, ETH could be poised to follow, unlocking new gains and potentially signaling the start of a powerful rally for the altcoin. 

Investors are closely watching for signs that Ethereum will break free from its consolidation and begin to climb, as it remains one of the most closely monitored assets in the market.

Ethereum Flirting With A Surge

Over the past few weeks, Bitcoin has surged, leaving investors eagerly waiting for Ethereum to follow suit. Top analyst and investor Carl Runefelt has shared his technical analysis on X, highlighting a bullish pattern emerging on Ethereum’s 1-hour price chart.

Runefelt’s analysis points to an ascending triangle formation, which is generally a bullish indicator. According to him, if Ethereum manages to break above this pattern, a rapid surge to $2,870 could be imminent. 

This price level represents a key target for Ethereum, as it signals a strong upward move and confirms that the altcoin is catching up with Bitcoin’s recent performance.

However, there are still risks that Ethereum could continue to trade sideways if it fails to break the current resistance level. In that case, ETH could remain trapped in consolidation for a longer period, which would cause further frustration among investors hoping for a rally. 

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Despite these risks, market conditions favor Ethereum’s potential breakout as bullish sentiment grows. Analysts are watching closely, anticipating that Ethereum’s moment to surge could come soon, setting the stage for significant gains.

Price Levels To Watch

Ethereum (ETH) currently trades at $2,624 after three days of uncertainty and volatility. The price recently surged by 10% from the $2,400 area, showing signs of strength, but now faces a crucial resistance level. 

For the bulls to regain momentum, Ethereum needs to push above the current price and reclaim the 200-day exponential moving average (EMA), which is $2,800. This significant level would signal that ETH is back on track for further upside, potentially catching up with Bitcoin’s recent gains.

However, if Ethereum fails to break above this key resistance and reclaim the 200-day EMA, it risks entering a sideways consolidation phase. A failure to hold current levels could lead to a retrace, with support likely around the $2,450 mark. 

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Traders and investors are closely watching the price action as Ethereum’s next move will determine whether it can break free from its current uncertainty or continue to face resistance in the coming days. As the broader crypto market remains volatile, Ethereum’s ability to hold key levels will be critical for its near-term outlook.

Featured image from Dall-E, chart from TradingView

• ethOS launches dGEN1, a device for Ethereum on-chain dApp interactions.
• dGEN1 runs on LineageOS with a Nimbus client, eliminating third-party RPCs.
• Preorders open at 0.2 ETH via NFT minting, shipping in Q2 2025.

The Ethereum-based operating system ethOS has unveiled the dGEN1, a pioneering hardware device designed to enhance interactions with on-chain decentralized applications (dApps).

This innovative product, which ethOS describes as “the first on-chain everyday carry,” is specifically optimized for users engaging with Ethereum’s expanding ecosystem.

dGEN1 will operate on a version of LineageOS

The launch of the dGEN1 follows the success of similar blockchain-focused devices, such as the Solana Mobile Saga and Seeker. However, unlike its Solana counterparts, the dGEN1 does not offer telecom capabilities, focusing solely on Ethereum interactions.

The dGEN1 operates on a specialized version of LineageOS, a popular Android fork, which enables the integration of a native Nimbus light client. This feature allows users to verify their data while interacting with dApps, eliminating the need to rely on potentially untrustworthy third-party remote procedure calls (RPCs).

The device also includes a built-in browser that supports IPFS and .eth domains, facilitating seamless access to decentralized content.

One of the standout features of the dGEN1 is its dedicated screen, which provides real-time transaction notifications and metadata during network interactions. This functionality aims to enhance the user experience by ensuring that users remain informed about their activities on the Ethereum network.

dGEN1 preorders currently open

For those interested in acquiring the dGEN1, preorders are currently available through an NFT minting process on the Base Layer 2 network for 0.2 ETH, approximately $520.

According to the company, shipping of the devices is expected by the second quarter of 2025, and as of now, around 630 users hold the associated NFT.

In addition to the device, ethOS plans to reward device owners with an airdrop upon delivery of the dGEN1. Each owner will share in the airdrop pool, further incentivizing early adopters.

With its unique features and design, the dGEN1 aims to position itself as an essential tool for Ethereum enthusiasts looking to engage with on-chain dApps efficiently.

Recent reports have revealed that Ethereum has had a challenging run, underperforming compared to other major cryptocurrencies. However, despite this, some positive signs may be on the horizon.

According to a CryptoQuant analyst, Percival, Ethereum’s open interest has increased significantly, indicating rising investor optimism for a potential rally.

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Potential For Ethereum Rally And Longs Benefit

According to the data shared by Percival, Ethereum’s open interest stands at $9.6 billion, marking a 28.57% increase from August, although it is still below the $13 billion recorded in June.

The rise in open interest points to expectations of an upward price movement, with many traders positioning themselves for increased demand.

Percival noted that several factors, including potential Federal Reserve interest rate cuts and a growing focus on the future of tokenization on the Ethereum blockchain, may fuel this uptick.

This shift could drive more interest toward decentralized finance (DeFi) protocols, making Ethereum more attractive for investors looking for long-term gains.

Percival also highlighted that Ethereum’s Relative Strength Index (RSI) is at 61, suggesting that the market is overheated.

A “convergence” between open interest and RSI levels indicates that price corrections will likely be short-lived, providing opportunities for traders to position themselves for a market rebound.

The analyst estimated that Ethereum may experience a correction of around 7% to 9% before rallying again, favoring long positions as traders await a potential rise in both price and demand.

The analyst particularly wrote in a post on the CryptoQuant QuickTake platform:

The convergence of the highest lows in the RSI suggests a potential for a less pronounced correction, estimated to be between 7% and 9%. This scenario favors long positions, with traders patiently waiting for a market rebound to confirm new highs and higher lows.

ETH’s Path To A Bullish Breakout

At the time of writing, Ethereum trades at $2,611, down slightly by 0.1% in the past 24 hours. This comes after a strong week where the cryptocurrency saw a 9.3% increase and a nearly 15% rise over the past month.

According to another prominent crypto analyst, Ali, Ethereum could be on the verge of a significant rally. In a recent post on X, Ali revealed that Ethereum has recently touched the lower boundary of a channel, a level that has historically led to an average 130% price surge.

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According to Ali, should this pattern continue to hold, Ethereum could potentially climb to $6,000 as long as it maintains its key support level of $2,300.

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

So far, despite ETH’s market’s volatility, the asset has managed to maintain its price above the critical $2,300 support level, which lends credibility to the theory that a bullish breakout could be on the way.

Featured image created with DALL-E, Chart from TradingView