Lokesh Gupta
17-10-2023
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.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
5 months ago
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