Ethereum Price Bounces Again But Touching These Levels Could Trigger A Sell Off
30 Oktober 2022 - 5:00AM
NEWSBTC
Ethereum price has rallied yet again in the last 24 hours. ETH has
demonstrated an 8% jump over the past day. This has made the
altcoin break past a few trading levels and now flipped them into
support lines. The altcoin was quite bullish at the time of
writing. In just one week, the coin gained more than 20%, turning
the price action bullish. The technical outlook of Ethereum was
also leaned towards the bulls as demand for the altcoin turned
heavily positive at the time of writing. As a result, buying
strength also turned optimistic at the time of writing. Ethereum
can target the $1,700 resistance mark only if the bulls can
maintain the price above Ethereum’s immediate resistance mark. If
the bulls lose steam, the coin could again start to trade near the
$1,500 price zone. The coin could witness a sell-off at the $1,690
resistance mark. If the bulls manage to overturn the $1,690 level,
then this could be the start of a broader trend change. Buying
strength and wider market strength remain vital for Ethereum.
Ethereum Price Analysis: One Day Chart ETH was trading at $1,620 at
the time of writing. The coin had struggled to move past the $1,500
price mark over the last few weeks. The recent bullish force has
helped Ethereum topple above a number of resistance levels. As
Ethereum continues to remain quite favorable, the jump to $1,700
could be possible if the coin breaks past the immediate price
ceiling of $1,630. It can experience weighty resistance at the
$1,690 level. If the price pushes above that mark, the bulls will
stay around for a considerable period of time. A fall from the
current price level will bring ETH to $1,520 and then to $1,460,
causing ETH to consolidate between those levels. The amount of ETH
traded in the last session was positive, indicating a rise in
buyers. Technical Analysis The altcoin has accumulated hefty buying
strength on its 24-hour chart. The Ethereum price was overvalued
due to excessive demand. The Relative Strength Index was above the
80-mark, which is a sign that buyers have heavily outnumbered
sellers in the market. Once the asset has visited the overbought
zone, the price usually experiences a pull-back. The Ethereum price
was above the 20-SMA line, which indicated that demand experienced
a steep increase and that buyers were driving the price momentum in
the market. Related Reading: Polygon Price Could Aim For These
Levels Before The Bulls Wane Off Other technical indicators have
also pictured that the bulls were in complete control of the
altcoin’s price. The Awesome Oscillator formed green signal bars
which were growing in size. These were the buy signals of the coin.
AO exhibits the price momentum and the strength of the price
direction. The Chaikin Money Flow depicts the capital inflows and
outflows at a given time. CMF was above the half-line, which
revealed that capital inflows exceeded outflows, painting a
positive price action for Ethereum. Related Reading: Avalanche
Price Remains Positive But Could Experience Bearish Pull At This
Level Featured Image From UnSplash, Charts From TradingView
Polygon (COIN:MATICUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Polygon (COIN:MATICUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024