Cryptocurrency Analysts: Ethereum Returns to October 5 Price Range
Ethereum (ETH) has returned to its price range from October 5 after reaching a high of $1,765, according to cryptocurrency analysts.
Long-term Analysis of Ethereum Price: Bullish
The largest altcoin experienced a dip to $1,607 before beginning to rise again. Currently trading at $1,634, Ethereum’s price has been fluctuating between $1,600 and $1,740. A breakout from this range will indicate the development of a trend for Ether. The $1,740 resistance level has hindered Ethereum’s upward movement since August 17. If the bulls manage to overcome this resistance, an uptrend for ETH/USD will resume. Additionally, long candlestick tails suggest strong support at lower price levels.
Ethereum Indicator Analysis
Following the rejection of the recent high, the cryptocurrency’s price bars are now below the moving average lines. This indicates an expected increase in selling pressure once the price falls below these moving averages. However, this decline has brought the price close to oversold levels, leading to an expectation of increased buying activity.
Technical Indicators
Key resistance levels for Ethereum are set at $1,800 and $2,000. On the other hand, key support levels are at $1,600 and $1,400.
What’s Next for Ethereum?
Ethereum’s current price is ranging between $1,600 and $1,740. As long as these boundaries remain intact, the movement within this range will continue. Although the resistance level at $1,740 was breached on October 1, buyers were unable to sustain upward momentum. Ether encountered rejection and entered the overbought zone.
As reported on October 3, Ethereum was rejected for the second time at its recent high. If buyers had been successful, the altcoin could have risen to $1,800 or $1,900.
Hot Take: Ethereum Struggles to Sustain Momentum
Ethereum’s recent price movement indicates a struggle to maintain upward momentum. While there have been attempts to break through resistance levels, buyers have not been able to sustain the rally. As a result, Ethereum remains within a range between $1,600 and $1,740. The cryptocurrency’s future direction will depend on whether it can overcome the $1,740 resistance level and resume an uptrend. Traders should closely monitor these key levels and indicators to make informed decisions about their Ethereum investments.
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