With the recent rise in the crypto market, Ethereum (ETH) prices have successfully rebounded from the range support level of $1530 on October 13th. The price of this digital currency has risen for four consecutive days, with an increase of 3
With the recent rise in the crypto market, Ethereum (ETH) prices have successfully rebounded from the range support level of $1530 on October 13th. The price of this digital currency has risen for four consecutive days, with an increase of 3.85%. The current quotation is $1585. The bull market cycle within the rectangular pattern indicates that Ethereum may further recover in the coming weeks.
The bullish reversal starting from $1530 has led to a 9.5% increase in prices. If prices can break through the current range, it is expected to lead to a further upward trend in Ethereum prices. The current intraday trading volume is $8.5 billion, an increase of 258%.
In the daily time frame chart, Ethereum prices show a range pattern formed between 1745 and 1530 levels. Until these two boundaries are not disrupted, token prices may continue to maintain a sideways trend.
With renewed buying pressure near the support level of $1531, token prices may trigger a new bull market cycle within the range pattern. As of the time of publication, ETH prices were trading at the 1579 level, with an overall increase of 2.51%.
Earlier today, with the rise of the cryptocurrency market, Ethereum Classic witnessed significant purchasing pressure, which may be related to rumors about the SEC approving spot Bitcoin ETFs. However, for most major cryptocurrencies, these rebounds are temporary as sellers continue to extend the correction trend. Considering the positive situation, if the token price can be maintained above the $1575 mark, buyers may push the price up by 9%, touching the obstacle above $1745.
ETH and BTC performance
In the past three months, the market leaders of Bitcoin and Ethereum have shown a trend of decoupling from each other, moving in two different directions. Bitcoin prices are attempting to create new higher highs and higher lows to sustain recovery, while Ethereum prices are still in a downward trend, showing new lower lows on the daily chart.
For Bitcoin:
- The flat downward trajectory of the Bollinger Belt indicator may bring additional buying pressure, indicating some potential buyer support in the market.
- The potential bullish crossover between the convergence deviation of the moving average (MACD blue and signal orange) slope reflects the strengthening of buying sentiment in the market, which may be a signal of further upward movement.
For Ethereum:
- Ethereum prices are still in a downward trend and show new lower lows on the daily chart, indicating that sellers in the market still dominate.
- The Bollinger Belt indicator may show some fluctuations, but the trend is still downward.
- We need to be cautious about the market, as Ethereum's current trend may require more buying support to change the downward trend.
Overall, the price behavior between Bitcoin and Ethereum shows two different market dynamics.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
