Ethereum Price Prediction, Is the Bearish Trend Reversing
- The Ethereum price exhibits a bullish retest reversal, forming a V-shaped recovery
- On the daily chart, ETH has been in a descending parallel channel since April, leading to a price decline
- Looking at the Hourly chart, ETH is presently trading in a Bullish Flag pattern
Approval for Bitcoin ETF could greatly boost for Ethereum price
Ethereum experienced a notable setback during 'Uptober,' dipping to around $1,500 in a correction phase. However, following a successful retest and a weekend market rebound, ETH regained its bullish momentum. In the last four days, its price has surged by 4.10%, nearing $1,600. Presently, Ethereum tracks Bitcoin's trajectory, trading at $1,585 with a 1.80% intraday growth, accompanied by a bullish engulfing candle.
Technical View:
According to Coingabbar Price Analysis, Ethereum's short-term trend is currently sideways, ranging between $1,520 and $1,750. Despite the recent crypto market downturn, ETH hit the lower support of this range but managed to bounce back from $1,530 against the US dollar. This rebound created a bullish V-shaped reversal. Ethereum now trades at $1,585, having seen a week of stability. It encounters resistance near $1,600, but a breakthrough could set its sights on the $1,750 to $1,850 range soon.
KEY LEVELS :
RESISTANCE LEVEL : $1,610-$1,660
SUPPORT LEVEL : $1,550-$1,520
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
