With yesterday’s upward movement, Ethereum almost recouped its losses and may be preparing for another push through the resistance levels. The second most valuable cryptocurrency is currently experiencing some relief as the market sentiment has improved.
The crypto market may retest lower levels in the meantime due to the upcoming low-volume weekend before gaining traction for a new surge. Ethereum might then reach $1,400, the top of its channel. In a tweet on October 14, analyst Rekt Capital asserts that turning $1,450 into support will only solidify an upward trend for Ethereum.
Following the September CPI announcement, Ethereum experienced a 10% recovery, rising from a low of $1,209 to a high of $1,339. The general crypto market recovered as a result of the uptick in the stock markets and the price of Bitcoin. The price of ETH increased as well; it is currently trading at $1,300.
Rekt Capital, meanwhile, thinks Ethereum has already come across a significant barrier. For the previous few weeks, it has been circling below the resistance level. Only if $1,450 turns into support will the ETH price move in the direction of the bulls. Ethereum is now under pressure till then.
Upwards or sideways it is
Ethereum continues to trade above $1,300 despite the US dollar index (DXY) once more crossing over 113. Given that there is little chance of further decline, the price of ETH is most likely to move upward or sideways.
As of now, 1,592,964 addresses are holding at least one Ethereum, according to Glassnode. Additionally, there are 1,228 addresses sending ETH to exchanges, a 21-month low. It shows that traders’ interest is growing and that the price of ETH is most likely to climb.
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