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The price of Ethereum has risen above $3.6k! Will the price of Ethereum reach $4k by the weekend?

Following the largest cryptocurrency, Bitcoin, the second-largest altcoin, is back in the green. The ETH price has returned to levels above $3,600, while the BTC price is currently trading above $58,000 and on the verge of reaching $60,000.

Analysis of the Ethereum Price

The price of Ethereum rose dramatically in the first few days of October. From its previous significant swing low of $2,750 to its current swing high of $3,650, ETH/USD has risen more than 30%.

From the $3,600 resistance level, Ethereum has started a fresh downward trend today. ETH broke through the $3,500 support level as well as the 100 hourly simple moving average. On the other hand, the bulls remained active near $3,400. The US Dollar is still trading above the $3,400 support level. The price of ETH must clear $3,540 to start a new surge soon. The immediate support levels are $3,000, $2,750, and $2,500.

In terms of active wallets, LTC has eclipsed the most popular DeFi and NFT platform token, ETH, according to Santiment. According to Santiment researchers, the current high fees are putting a strain on Ethereum on-chain activities.

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Source: Twitter

Despite Bitcoin’s large price increase at press time, Ethereum’s market share is constantly declining. So, while Ethereum’s price is currently low, its future prospects appear to be bright.

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