For the first time since September 27, Ethereum has surged past the $2,700 mark and is showing strong signs of maintaining its upward momentum. About ten days ago, ETH dropped below $2,400, sparking speculation that the cryptocurrency might struggle to break out again.

However, over the past seven days, ETH has surpassed key resistance levels. In this on-chain analysis, BeInCrypto reveals how this upward momentum could drive the price even higher.

Ethereum Sees Reduced Selling Pressure

One indicator fueling this prediction is the Ethereum Exchange Netflow, which shows the amount of coins flowing in and out of exchanges. According to CryptoQuant, market participants have taken 29,378 ETH off exchanges as of this writing.  

From a spot trading perspective, high values typically signal increased selling pressure. However, with approximately $80 million being removed, it suggests that ETH may not face significant selling pressure in the near term.

On the derivatives side, the decline points to low volatility, indicating that traders with open positions are less likely to face liquidations. When combined, this current condition could be bullish for Ethereum’s price.

Read more: Ethereum ETF Explained: What It Is and How It Works

Another metric supporting the bullish outlook is the number of addresses holding ETH valued at $1 million or more. When this metric rises, it indicates that HODLers are accumulating more coins, reflecting bullish behavior. Conversely, a decline suggests that long-term holders are cashing out, typically signaling bearish sentiment

Based on Glassnode’s data, the number of addresses holding ETH worth $1 million and above has increased, suggesting that Ethereum’s price could avoid going through another drawdown.

Crypto analyst and founder of MN Consultancy Michaël van de Poppe shares a similar view. However, in his post, van de Poppe noted that ETH needs to rise above $2,770 to have any chance of surpassing $3,000.

“Ethereum might finally reverse. Breaking through the crucial resistance at $2,770 would be great. If that happens, the next target is $3,200, ” the analyst emphasized.

ETH Price Prediction: Bulls Must Defend $2,689 Support

A look at the daily chart shows that Ethereum’s price has broken out of a symmetrical triangle. For context, a symmetrical triangle is a chart pattern defined by two converging trendlines that connect a series of sequential peaks and troughs.

Usually, when an asset’s price breaks below the triangle, the asset’s price tends to fall further. For ETH, it is the other way around, suggesting that the value could continue climbing. But for that to happen, bulls have to defend the $2.689 support

Beyond that, buying pressure needs to increase so the price can climb above the resistance at $2,989. If that is the case, ETH’s price could rally to $3,316. 

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

However, this thesis could be rendered null and void if ETH falls below the aforementioned support line. In that scenario, the price could tumble to $2,471.

If the current technical setup is any indication to follow, Sui (SUI) could see its price drop below $2. On October 14, the token of the Layer-1 Move-programmed blockchain reached a new all-time high of $2.36.

Since then, the altcoin has faced challenges in moving higher, and this analysis explains why SUI might be poised for an extended correction.

Sui Slides Down the Ascending Channel

A look at the SUI/USD 4-hour chart shows that the token has been trading within a rising parallel channel since last month. The rising parallel channel pattern forms when traders connect higher highs and higher lows with two ascending parallel trendlines. The upper trendline connects the highs, while the lower trendline connects the low

This technical pattern is typically a bullish signal, suggesting that a cryptocurrency’s value could increase. However, this only occurs if the price remains above the support line of the lower trendline.

In SUI’s case, the lower trendline support is at $2.03, and as shown below,  SUI’s price is approaching that zone. If the price drops below this level, a significant downswing could follow.

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

Additionally, the same timeframe reveals that the Bull Bear Power (BBP) has turned negative. The BBP is a technical oscillator that measures the relative strength of buyers versus sellers in the market.

When the BBP is positive, bulls dominate, and the price tends to rise. Conversely, a negative BBP indicates that bears are in control. As seen below, the BBP has experienced a sharp decline, suggesting that SUI bears could push the price lower.

SUI Price Prediction: No Way Out of the Drop

Meanwhile, the daily chart also appears to be in line with the bearish bias. For instance, the Moving Average Convergence Divergence (MACD) has dropped to the negative region, just like the BBP.

It is historically a good strategy to buy when the MACD rises to the positive zone. This is because the reading during that period means that momentum is bullish, and prices can rise. However, a negative MACD, as it is with SUI, implies that momentum is bearish, indicating a sell signal.

Because of this condition, SUI’s price might likely experience a 10% decline that could take it to $1.83. In a highly bearish condition and volatile market, the altcoin might drop as low as $1.64.

Read more: Top 11 Platforms To Trade the Cheapest Cryptocurrencies

But if bulls come into the picture, this prediction might be invalidated. In that case, SUI might bounce to $2.36 again.

Cosmos’s native token ATOM has emerged as the top performer in the cryptocurrency market, with its price surging by nearly 10% in the past 24 hours. 

This uptick in ATOM’s price has been accompanied by a significant increase in open interest, which has reached its highest level since June. However, the question remains: how sustainable is this uptrend?

Cosmos Is the Talk Of the Town

ATOM trades at $4.86, noting a 9% rally over the past 24 hours. Its trading volume during that period has also skyrocketed, reaching a two-month high of $228 million.

When high volume accompanies an asset’s price rally, it indicates strong buying interest from many participants. This suggests that the price movement is supported by broad market activity, making it more sustainable. It’s not merely a short-term fluctuation driven by a small group of traders.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Additionally, ATOM’s rising Relative Strength Index (RSI) confirms the high demand for the altcoin. As of this writing, it is at 62.47 and in an upward trend. 

This indicator tracks an asset’s overbought and oversold market conditions. RSI readings between 50 and 70 generally suggest that the asset is gaining strength, with buying pressure outweighing selling pressure. In this case, the RSI of 62.47 shows that ATOM  has bullish momentum but has not reached extreme levels; therefore, there is still room for its price to grow.

Furthermore, ATOM’s open interest has climbed to a four-month high of $75.44 million, having surged by 10% over the past 24 hours. 

An asset’s open interest measures the amount of its outstanding derivatives contract that is yet to be closed. A rising price with increasing open interest confirms that the uptrend is strong and sustainable. Traders opening new positions add momentum to the price’s upward movement, indicating that it is driven by increased demand for the asset. 

ATOM Price Prediction: A Rally Toward $14.58 Or a Decline to $14.58?

If ATOM’s buying momentum persists, Fibonacci Retracement analysis points to a key price target of $7.81, a four-month high. A breakout above this level could push the token toward $14.58, a price not reached since March.

Read more: 10 Best Altcoin Exchanges In 2024

However, this bullish scenario could be disrupted if profit-taking increases, potentially dragging ATOM’s price down to $3.63.