Ethereum Holds Above $1,300 As Bulls Challenge Next Resistance
Oct 09, 2022 at 12:04 //
PriceEthereum price (ETH) is in an upward movement after the price crossed the 21-day line SMA. The market will continue its upward movement if Ether holds above the 21-day line SMA.
Long-term analysis of the Ethereum price: bearish
The largest altcoin will rise to the 50-day line SMA or above the high of $1,500. If the Ether price breaks the moving average line to the upside, the altcoin will reach the resistance at $1,800 again. Currently, the Ether price is moving above the 21-day line SMA. The bullish scenario will lapse if the Ether price does not rise to the previous highs.
The altcoin may come under selling pressure at the recent high. It will fall below the 21-day line SMA and regain the previous low at $1,220. However, if the current support is broken, the market will fall to the lower price level of $1,000.
Ethereum Indicator Analysis
Due to the recent upward movement, Ether is at level 45 of the Relative Strength Index for the period 14. The altcoin is still in the downtrend zone and could fall further. The price of Ether is between the moving average lines but remains below the high of $1,400. Ethereum is in a bullish momentum above the 50% area of the daily stochastic. However, the bullish momentum is unstable due to the doji candlestick.
Technical Indicators
Key resistance zones: $2,500, $3,300, $4,000
Key support zones: $2,000, $1,500, $1,000
What is the next direction for Ethereum?
Ethereum is in an uptrend as it has reached resistance at $1,400. The uptrend will continue if it breaks above the recent high. On the other hand, the movement within the trading range will continue if Ether turns down from the resistance zone. Currently, the price movement is stagnant due to the doji candlesticks.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow