Ethereum Eyeing the $1,665 Resistance
Diupdate
Ethereum (ETH) stands at a price of $1,633 as of October 8, 2023, showcasing a minor dip of 0.2% in the last 24 hours amidst a relatively flat cryptocurrency market. The digital asset has been grappling with a significant resistance near $1,620, with a further formidable resistance at $1,665, marking critical levels for a potential bullish reversal.
Key Prices:
Current Price (as of Oct 8, 2023): $1,633
Support Level: $1,530
Resistance Levels: $1,620 and $1,665
Analysis:
Despite a minor retracement, ETH has displayed a 2.5% growth over the last 14 days, and a remarkable 36.5% upsurge since the year's commencement, hinting at a strong recovery potential amidst a stagnant market scenario.
Most Probable Scenario:
Technical indicators forecast a balanced market scenario for ETH, with its 30-day moving average trailing below its 200-day average for over a month, while its Relative Strength Index (RSI) edges towards 50, suggesting a potential rally. The pivotal $1,665 resistance level appears as the next target for bulls, with the $1,530 support providing a solid foundation for upward movement, given favorable market conditions. The positive impact from the recent Shanghai and Capella Hard Forks further augments the bullish outlook, delineating a promising pathway for ETH if the critical resistance at $1,665 is surpassed.
Key Prices:
Current Price (as of Oct 8, 2023): $1,633
Support Level: $1,530
Resistance Levels: $1,620 and $1,665
Analysis:
Despite a minor retracement, ETH has displayed a 2.5% growth over the last 14 days, and a remarkable 36.5% upsurge since the year's commencement, hinting at a strong recovery potential amidst a stagnant market scenario.
Most Probable Scenario:
Technical indicators forecast a balanced market scenario for ETH, with its 30-day moving average trailing below its 200-day average for over a month, while its Relative Strength Index (RSI) edges towards 50, suggesting a potential rally. The pivotal $1,665 resistance level appears as the next target for bulls, with the $1,530 support providing a solid foundation for upward movement, given favorable market conditions. The positive impact from the recent Shanghai and Capella Hard Forks further augments the bullish outlook, delineating a promising pathway for ETH if the critical resistance at $1,665 is surpassed.
Trade aktif
Update:Ethereum (ETH) is currently trading at $1,578, reflecting a decrease from the previous price of $1,633 as of October 8, 2023. The market sentiment has been bearish, mainly driven by a -3.26% dip today against the US Dollar. Despite this, Ethereum is attempting an upside break from the $1,530 support level, challenging a crucial bearish trend line with resistance near $1,620 on the daily chart. A sustained break above the $1,620 and $1,665 resistance levels could trigger a fresh price increase.
Technical indicators are showcasing a neutral market scenario with a balanced outlook. The Fear & Greed Index is at 50, indicating a neutral sentiment among investors. While the majority of indicators favor a bearish forecast, there's potential for a bullish reversal if Ethereum manages to surpass the critical resistance levels at $1,620 and $1,665. A positive break above these levels could set the stage for a run towards the predicted price of $1,757.01 by October 14, 2023.
In the broader landscape, Ethereum continues to solidify its position in the DeFi sector with a notable surge in staking activities, although concerns over increased centralization have been raised by experts from JPMorgan. Despite these concerns, Ethereum has witnessed a sharp upside movement over the past few weeks, hinting at a strong recovery potential.
Trade aktif
Chart Updated:
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.