Focusing on the primary and secondary markets of the coin circle. Committed to researching primary skyrocketing currencies and secondary high-quality potential currencies
Focusing on the primary and secondary markets of the coin circle. Committed to researching primary skyrocketing currencies and secondary high-quality potential currencies. Entering high-quality communities
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In short:
Ethereum prices demonstrate an optimistic retest reversal, forming a V-shaped reversal.
The reversal rebound is close to the falling 50 day moving average.
Once the EMA breaks through, the upward trend may push the Ethereum market price to an important level of $2000.
Recently, Ethereum (ETH) prices have undergone a significant adjustment, with an increase in bearish pressure due to the intersection with the 200 day moving average. This adjustment has raised concerns in the market about a breakthrough in the downward channel.
Against this backdrop, ETH prices fell by 11%, retesting the breakthrough point of the trend line. However, with successful retesting, the future predictions of ETH prices have become more optimistic, especially in the coming months.
During this adjustment phase, Ethereum prices fell to an important $1500 level, which has raised some concerns during the "Uptober" season. However, with successful retesting and overall market recovery over the weekend, ETH prices have regained their upward momentum.
After retesting and reversal, Ethereum prices have risen by 2.74% in the past four days, approaching $1600. At present, the price of Ethereum is $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 ETH market price will test the 50 day moving average to reach $1634. In addition, the improvement in market sentiment and the rebound in Ethereum prices after retesting indicate the high momentum of the long-term upward trend.
Technical indicators display:
RSI indicator: As prices rebounded and exceeded the 14 day moving average, daily RSI indicators showed a sharp reversal. The RSI on the daily line is close to the median, reflecting a potential improvement in market sentiment.
EMA: Although we observed a death crossover in early September, EMA on the 50th and 200th remained on a downward trend.
So, is Ethereum (ETH) expected to exceed $2000 in price?
If Bitcoin spot ETFs are approved, it is expected that the overall market sentiment will significantly improve. This will lead to an increase in the prices of Bitcoin and other cryptocurrencies. In this situation, ETH prices are expected to test the $2000 mark in a strong sentiment driven bull market.
On the other hand, if there is a reversal of the 50 day moving average, it may delay the upward trend and cause the ETH price to retest the $1600 level.
Focusing on the primary and secondary markets of the coin circle. Committed to researching primary skyrocketing currencies and secondary high-quality potential currencies. Entering high-quality communities
No threshold, no fees, no promotion of exchanges, no trading links. You can also receive internal learning materials
Intentionally following the private self!
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