Ethereum $2,400 support in focus; Ethereum trend may steer crypto market direction for now

An analysis said Ethereum could become a leading indicator for the broader cryptocurrency market in the coming weeks. On Aug. 30, blockchain outlet U.Today reported that crypto trader DonAlt, who drew attention for predicting XRP would rise more than 700 percent in 2024 to 2025, rated Ethereum’s daily chart as the cleanest trend in the market now.

DonAlt focused on Ethereum moving straight into a consolidation range after strongly breaking through a key resistance level. He said Ethereum’s moves were likely to show the direction of the rest of the market.

Ethereum has risen 30 percent over the past two weeks. DonAlt said publicly that he has been buying Ethereum at $1,878 on Aug. 13, and it later rose about $600 before entering the current consolidation range.

The key price level is $2,400. After breaking above $2,400, Ethereum has been moving sideways in the $2,454 to $2,492 range, and DonAlt viewed that band as a major support zone. He put the mid-term target price for buyers at $2,815.68.

DonAlt earlier this month put Ethereum’s long-term target price at around $4,000. He also said taking profit at $3,000 was possible.

He also pointed to Ethereum holding above $2,400 as volatility has eased. DonAlt interpreted that as a sign buyers still have the upper hand and as a phase where volume builds ahead of the next directional move. He said that once the current stable period ends, whichever direction Ethereum moves, other altcoins are likely to follow that trend.