Ethereum [ETH] has followed in the footsteps of Bitcoin [BTC] and achieved significant growth in the past week. The bullish rebound of ETH from the support level of $1550 will expand the increase to 20%, with price trading above the key $1800 price level

Ethereum [ETH] has followed in the footsteps of Bitcoin [BTC] and achieved significant growth in the past week. The bullish rebound of ETH from the support level of $1550 will expand the increase to 20%, with price trading above the key $1800 price level.

According to ETH Whale's overweight forecast of $1700 on October 23rd. As the price level of $1800 drops to support, bulls may seek to hit another price milestone of $1900.

The Bright Future of Ethereum

Ethereum (ETH) is currently moving towards the $2000 mark. A careful analysis of its price trends reveals interesting patterns and provides insights into the future of this digital giant.

From the overall market perspective, Ethereum has recently shown a bullish trend, showing a significant rebound after experiencing a downward trend from July to September. The surge in this momentum undoubtedly caught the attention of market investors. However, as we approach the $2000 mark, there is a key resistance level that may challenge the upward trajectory of Ethereum.

This resistance is located below the $2000 price point and is expected to become a major obstacle. From a historical perspective, this critical psychological price point has often been proven to be a huge obstacle, and Ethereum is no exception. Breaking through this level will undoubtedly indicate a strong bullish trend and may lay the foundation for further price appreciation.

On the other hand, if ETH finds it difficult to break through this resistance level, we may see a correction or even consolidation stage. In addition, the trading volume bar shows an increase in interest and activity in Ethereum trading, especially in recent weeks. An increase in trading volume, coupled with a sustained rise in prices, usually indicates strong investor confidence. However, any sudden decrease in trading volume may indicate a slowdown or adjustment in the near future.

Solana (SOL) is still extremely bullish, but how long can it last?

Solana's price surged by 11% on October 20, 2023, with a year to date increase of 170%, making it one of the best-performing crypto assets. This strong growth rate exceeded the performance of Ethereum (ETH) on October 20th. By August 2023, SOL had risen by 50% in just one month, with an impressive annual increase of up to 150%.

But a glimmer of hope also has dark clouds. The impressive golden cross on the Solana chart is often seen as a bullish signal, but it also brings warnings. From a historical perspective, assets that have experienced such rapid increases are also prone to adjustments. Although the golden cross and a 50% rise indicate strong momentum, it is best for traders and investors to remain cautious and anticipate potential pullbacks or consolidation stages.

XRP raises concerns, can it remain bullish?

The prospects of XRP seem to be a cautious scenario, if not discouraging, as the token is striving to establish a foothold in the sea of volatility.

From a historical perspective, XRP has had glorious moments, but recent developments have portrayed a different picture. The token has not received any substantial upward momentum, and attempts to break free from the downward trend are at best weak. Although sporadic green candles ignite the hope of optimists, careful observation reveals the formation of a reversal pattern, which may lead to further depreciation.

One of the most noteworthy observations is the appearance of the golden cross. In technical analysis, the golden crossing - where the short-term moving average crosses the long-term moving average - is often seen as a bullish signal. However, for XRP, this event seems to have lost its significance. After the formation of this crossover, the performance of the token has been consistently poor, indicating that not all textbook signals will translate into real-world benefits.

The lack of on chain dynamics further exacerbates people's concerns. Deep research on on chain analysis indicates a clear lack of significant whale activity. Big players, or so-called "whales," clearly lack interest in XRP. Their absence not only indicates a lack of confidence in the potential of the asset, but also indicates that there may not be any large-scale purchases of the token in the near future.

Will the bullish trend continue after the destruction of PEPE skyrocketing by over 30%?

In the past 24 hours, PEPE has experienced a significant surge, with a 31% increase after destroying 6.9 trillion tokens. This strategic measure aimed at creating scarcity and value sparked investor interest, pushing the mim to a two-month high.

Due to bulls taking the upper hand, PEPE fluctuated between resistance and support levels of $0.000001263 and $0.0000009187, respectively. As of the time of publication, the trading price of PEPE was $0.000001216, showing signs of consolidation after the initial surge. This price level indicates strong bullish sentiment among investors, who are optimistic about the prospects of PepeCoin.

Therefore, the market value and 24-hour trading volume of PEPE surged by 31.39% and 87.94%, respectively, to $476.3 million and $498.49 million. The increase in market value and trading volume reflects the growing interest and demand for PEPE coins in the market, which may lead to further price increases soon.

In addition, the influential crypto giant whale's mysterious acquisition of nearly 2 trillion PEPE tokens has also filled the market with speculation.

PEPE/USD Technical Analysis

The moving average convergence divergence (MACD) trend on the PEPE price chart is in a positive range, with a rating of 0.000000090, indicating an upward trend. This level means that the buying pressure on PEPE is now greater than the selling pressure.

If the selling pressure intensifies and the MACD trend enters a negative range, it may mean that there may be changes in the downward trend.

In addition, the Relative Strength Index (RSI) is located in the overbought range of 78.11, indicating that PEPE may be overpriced and ready for market adjustments. This RSI level warns investors to remain cautious and consider making profits or changing their PEPE investments. If the RSI remains above 80, it may indicate a more severe overbought situation, thereby increasing the risk of market decline.

In summary, PEPE's recent token destruction and strategic measures have sparked a bullish rebound, but caution is advised as overbought indicators indicate potential market adjustments.

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