Ethereum prices show a bullish retest reversal, forming a V-shaped reversal.The reversal rebound is approaching the declining 50 day moving average
- Ethereum prices show a bullish retest reversal, forming a V-shaped reversal.
- The reversal rebound is approaching the declining 50 day moving average.
- Once the EMA breaks through, the upward trend can push the ETH market price to the $2000 mark.
Recently, Ethereum (ETH) prices have undergone an important adjustment as they have fallen from their 200 day moving average, triggering bearish pressure. This adjustment has also raised some doubts about whether it will break through the downward channel.
In this adjustment, Ethereum prices fell by 11%, testing a critical level of support of $1500 at one point. However, with the reversal after successfully retesting this support level, the future outlook for Ethereum prices has become optimistic.
This adjustment seems to mark Ethereum's primary challenge during the "Uptober" season. However, with successful retesting and overall market recovery over the weekend, Ethereum prices have once again shown a bullish trend.
In the past four days, Ethereum prices have increased by 2.74%, approaching $1600. Currently, the price of Ethereum is trading at $1581.8, with an intraday increase of 1.53%, forming a bullish trend that engulfs the candle.
Given the continued upward trend, it is expected that the Ethereum market price will test the 50 day moving average, which is $1634. In addition, the improvement in market sentiment and the price reversal after successful retesting all suggest a high driving force for Ethereum's long-term upward trend.
Technical indicator analysis:
RSI indicators:As prices rose and broke the 14 day moving average, the daily relative strength index (RSI) showed a sharp reversal. At this point, the daily RSI is approaching the median, indicating that there may be an upward trend in market sentiment.
EMA (Exponential Moving Average):Although we observed a death crossover between 50 and 200 day EMA in early September, these two indicators are still in a downward trend.
Will ETH prices exceed $2000?
If Bitcoin spot ETFs are approved, it is expected that market sentiment will rapidly improve and have a positive impact on the prices of Bitcoin and other cryptocurrencies. This may trigger a round of upward trend, which will test the price of Ethereum (ETH) at a level of $2000, especially in a strong bull market with rising sentiment.
However, if we see a reversal of the 50 day moving average, it may delay the upward trend and potentially retest the support level of $1600.
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