Ethereum Price Forms Bullish Pattern, Why ETH Could Surge Again

Oct 31, 2022

Metablox NFT save memories to the blockchain

OWN PLACES • SAVE MEMORIES

Everyday we create memories that are attached to places, but how will future generations know what happened to us? 

Metablox is saving our most important memories on the blockchain, and you can own the real world places the memories happened.

Ethereum Price Forms Bullish Pattern, Why ETH Could Surge Again

Originally posted here.
By: Aayush Jindal

Overview

Ethereum started a downside correction from $1,665 against the US Dollar. ETH could start a fresh increase if it stays above the $1,550 support. Ethereum is correcting gains from the $1,650 and $1,665 resistance levels. The price is now trading above $1,550 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $1,550 support zone. Ethereum Price Remains Supported Ethereum remained in a positive zone above the $1,450 and $1,500 resistance levels. ETH gained pace and traded above the $1,550 resistance zone, with a close above the 100 hourly simple moving average. The price cleared the $1,600 resistance and traded to a new multi-week high at $1,664. Recently, there was a downside correction below the $1,620 and $1,600 levels. Ether price even declined below the 23.6% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high. It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,600 level and the channel trend line zone. The first major resistance is near the $1,650 and $1,665 levels, above which the price could gain bullish momentum. In the stated case, the price could even test the $1,700 level. Source: ETHUSD on TradingView.com A clear upside break above the $1,700 resistance zone could set the pace for a fresh increase. In the stated case, the price might rise towards the $1,720 level. Dips Supported in ETH? If ethereum fails to climb above the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,565 level and the 100 hourly simple moving average. The 50% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high is also near $1,565. A downside break below the $1,550 zone might send the price towards the $1,500 support zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,550 Major Resistance Level – $1,600

The Post

Ethereum started a downside correction from $1,665 against the US Dollar. ETH could start a fresh increase if it stays above the $1,550 support.

Ethereum is correcting gains from the $1,650 and $1,665 resistance levels.

The price is now trading above $1,550 and the 100 hourly simple moving average.

There is a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase if it stays above the $1,550 support zone.

Ethereum Price Remains Supported

Ethereum remained in a positive zone above the $1,450 and $1,500 resistance levels. ETH gained pace and traded above the $1,550 resistance zone, with a close above the 100 hourly simple moving average.

The price cleared the $1,600 resistance and traded to a new multi-week high at $1,664. Recently, there was a downside correction below the $1,620 and $1,600 levels. Ether price even declined below the 23.6% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high.

It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,600 level and the channel trend line zone. The first major resistance is near the $1,650 and $1,665 levels, above which the price could gain bullish momentum. In the stated case, the price could even test the $1,700 level.

Source: ETHUSD on TradingView.com

A clear upside break above the $1,700 resistance zone could set the pace for a fresh increase. In the stated case, the price might rise towards the $1,720 level.

Dips Supported in ETH?

If ethereum fails to climb above the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,565 level and the 100 hourly simple moving average.

The 50% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high is also near $1,565. A downside break below the $1,550 zone might send the price towards the $1,500 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,600

SHARE THIS POST

Add your voice!Join the conversation on Discord...