Following the market\u2019s recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level.<\/p>\n
Despite the bullish sentiment, some crypto investors remain cautious about ETH\u2019s performance as the second-largest cryptocurrency faces the next crucial resistance level.<\/p>\n
Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced<\/a> its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETH\u2019s price to ranges not seen in a month, triggering a positive sentiment among many investors.<\/p>\n Over the weekend, the \u201cKing of Altcoins\u201d surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon.<\/p>\n Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted<\/a> that ETH had been \u201crunning into critical resistance on the Daily chart,\u201d as it had been unable to break successfully above the $2,650 mark since Tuesday.<\/p>\n This performance worried<\/a> some investors, who considered that not breaking above this level could hinder the cryptocurrency\u2019s run and send the price toward the previous support zones.<\/p>\n However, Ethereum\u2019s price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes.<\/p>\n Crypto Trader Daan highlighted<\/a> that Ethereum\u2019s price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency.<\/p>\n This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it \u201can important level to watch.\u201d<\/p>\n A breakout above this mark could further propel ETH\u2019s price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted<\/a> that Ethereum\u2019s chart is \u201clooking a lot like a 2023 redux.\u201d<\/p>\nETH To Reach New Highs In October?<\/h2>\n