Ethereum Price Will Rally If This Happens; What Could That Possibly Be?
25 October 2022 - 10:57PM
NEWSBTC
ETH’s price shows the first sign of bounce after forming a bullish
pattern as the price gets rejected into a descending range
channel. ETH bounced off its downtrend movement as the price
builds more momentum in a descending triangle with a breakout on
either side open. The price of ETH continues in its range
movement as the price gets rejected and trades below the 50 and 200
Exponential Moving Averages (EMA). The price of Ethereum (ETH)
after its “Ethereum Merge” hasn’t been encouraging as the price has
dropped far below the expectations of many. After rallying to a
high of $2,030 before its merge, the price of Ethereum (ETH) has
seen its price decline with little or no bounce to the upside as
the market continues with so much uncertainty as to where the
crypto market could be headed in the next few weeks. Despite so
much speculation of a better month, with many referring to it as
Uptober based on past data and price movement, the result has yet
to see much change. (Data from Binance) Related Reading: Shiba Inu
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Ethereum (ETH) Price Analysis On The Weekly Chart. Ethereum’s price
has struggled to regain its bullish momentum in recent times;
despite the uncertainty that has befallen the crypto space, the
price of ETH has yet to enjoy the measure of relief it had in
previous weeks before its merge. ETH showed much strength on the
weekly chart rallying from a low of $900 to a high of $2,030 before
facing rejection from that region. After the price of ETH
rallied to a high of $2,030, the price has faced rejection to break
higher to a region of $2,500-$3,000, and the price has continued to
struggle to stay afloat, considering how tough the crypto market
has been lately. ETH’s price was rejected to a region of $1,600,
where it had formed strong Support before rallying to a high of
$2,030. The price of ETH after rejection could not hold this
support area which would be a good area to push prices higher as
the price fell to $1,400. With the price further losing $1,400
support, the price battled to hold above $1,200, acting as a key
demand zone for prices. Weekly resistance for the price of ETH –
$1,450. Weekly Support for the price of ETH – $1,200. Price
Analysis Of ETH On The Daily (1D) Chart In the daily timeframe, the
price of ETH continues to trade below the key resistance formed at
50 EMA after forming a descending triangle as the price attempts to
break into a higher price range. The price of ETH needs to
break and hold above $1,400 for the price to trend higher to a
region of $1,550 and possibly $1,600, which is a key supply zone
ETH price in recent weeks. Daily resistance for the ETH price
– $1,400. Daily Support for the ETH price – $1,270. Related
Reading: Tron Hits Record 117 Million Users, But TRX Price Increase
Is Mediocre Featured Image From Uopeople, Charts From Tradingview
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