To make a long story short:Ethereum prices show a bullish retest reversal, forming a V-shaped reversal.The reversal rebound is approaching the declining 50 day moving average
To make a long story short:
- 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.
The recent reversal of ETH prices from the 200 day moving average has led to a significant adjustment phase, marking an attack by bears. In addition, the adjustment stage has raised doubts about the breakthrough of the downward channel.
Due to such events, ETH prices have dropped by 11% from the 200 day moving average, retesting the trend line that has broken through. However, with the success of the retesting phase, ETH price forecasts have become optimistic for the coming months.
This adjustment phase reached the $1500 mark, marking a major issue for Ethereum during the "Uptober" season. However, with the reversal after the retest and the overall recovery of the market over the weekend, ETH prices have resumed their upward trend. This will result in a successful retesting phase.
With the reversal after retesting, Ethereum prices have increased by 2.74% in the past four days, approaching $1600. The current trading price of Ethereum is 1581.8 US dollars, with an intraday increase of 1.53%, forming a bullish trend that engulfs the candle.
Considering the continued upward trend, the ETH market price is expected to test the 50 day moving average of $1634. In addition, the improvement in market sentiment and the rebound in Ethereum prices after retesting suggest a high driving force for the long-term upward trend.
Technical indicators:
RSI indicators:As prices rebound and break through the 14 day moving average, the daily RSI line shows a sharp reversal. The daily RSI line is close to the median, reflecting an improvement in potential bullish sentiment.
EMA:After the observed cross over of deaths in early September, EMA continued to decrease at 50 and 200 days.
Will ETH prices exceed $2000?
If Bitcoin spot ETFs receive a green signal, it is expected that the overall market sentiment will improve exponentially. In addition, this will lead to an increase in the prices of Bitcoin and other counterfeit currencies. In this situation, ETH prices will test the $2000 mark in an emotionally driven high-speed bull market.
On the other hand, the reversal of the 50 day moving average may delay the upward trend and retest the $1600 mark.
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