The upcoming week in the world of cryptocurrencies appears to hold great promise, especially with Ethereum [ETH] commencing the final quarter of the year on a positive trajectory.
Furthermore, there are anticipated significant token releases on the horizon, and both Bitcoin [BTC] and Ethereum are poised to solidify their positions in the market as their values continue to trend upwards.
Forecasting Ethereum’s Price Movement
At the current moment, Ethereum is being traded at approximately $2,635.16, maintaining its position above the 50-day moving average of $2,527.49. Despite experiencing a recent dip of 2.13%, Ethereum is holding steady above this crucial support threshold.
The trading range for Ethereum is currently between $2,635 and resistance at $3,113. The subsequent notable Fibonacci resistance level stands at $3,759.90, which could serve as a long-term objective if the bullish trend persists.
In the immediate future, should Ethereum manage to breach the 200-day moving average at $3,113, the price could potentially rise to the range of $3,400–$3,500.
Over the medium term, a successful breakthrough beyond $3,432 might pave the way for a potential movement towards $4,000, contingent on the prevailing market sentiment in the upcoming crypto period.
Nonetheless, if Ethereum encounters resistance at the $3,113 mark, there is a possibility of a pullback towards the 50-day moving average at $2,527.
A drop below this level could result in a further descent towards $2,400, and heightened selling pressure could test the support around $2,000.
Significant Token Unlocks
One of the pivotal occurrences to look out for in the approaching crypto week is the unlocking of tokens worth over $1 billion. Starting from October 1st, Sui (SUI) is set to unlock approximately $115.55 million, while ZetaChain (ZETA) is expected to release around $38.59 million.
On the 4th of October, Immutable X (IMX) will unleash $58.78 million in tokens. The most substantial unlock is scheduled for later in the month when Celestia (TIA) is expected to unlock tokens valued at over $1 billion.
Bitcoin and Ethereum Uphold Market Supremacy
Despite recent fluctuations, Bitcoin and Ethereum remain the dominant forces in the crypto market. Bitcoin’s market dominance stands at 56%, with Ethereum holding 14%, as per data from CoinMarketCap.
October has historically been a favorable month for cryptocurrencies, and it is anticipated that their dominance will further strengthen in the upcoming crypto week.