Yesterday, Ethereum encountered substantial demand, following a surge in the cryptocurrency market spurred by rumors of the SEC granting approval for a spot Bitcoin ETF. ETH's price made a bullish attempt to surpass the $1,600 mark. Nevertheless, these upward movements proved to be of short duration for most major cryptocurrencies, as sellers persisted in extending the correction trend.
According to Coingabbar Price Analysis, Amid the recent crypto market uptick, ETH bounced back from $1530 on October 13th, marking a 3.75% gain over four consecutive days, with the current price at $1585. The bull cycle within a rectangle pattern suggests further recovery for Ethereum in the upcoming weeks. On the daily chart, ETH exhibits a range pattern, bounded by horizontal levels at $1,745 and $1,530. On the daily chart, ETH is trading below the 20-50-100 and 200-day moving averages.
KEY LEVELS :
RESISTANCE LEVEL : $1,620-$1,670
SUPPORT LEVEL : $1,560-$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.
