Ethereum Price Prediction, Is ETH Price Gaining Bullish Confidence

Ethereum aims to breach the $1,610 resistance against the USD.

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.

Technical View:

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.