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Ethereum Technical Analysis: Will the Rise in Activity Uplift the ETH Price Above $1500?

Etherum Technical Analysis

Key Takeaways:

Current Price $1323.45
Market Cap $162.46
Circulating Supply 122.78 million
Supply Inflation Rate 0.54%
Vol (24H) $19.33 billion
Change (7D) -2.35%

Technical Analysis for October 2022

The Ethereum price underwent a significant drop soon after the successful transition from PoW to PoS, called the Merge. Since then, prices have been struggling mightily to maintain levels above $1250 as they are unable to penetrate the levels at $1380. Therefore, consolidation is expected until the weekend as the market sentiments do not appear in the favour of the bulls. 

The ETH price is currently trading in a decisive phase and will reach the apex during the weekend. A positive movement may take the price beyond $1400, or else a drop may again drag the price close to $1250. However, in that case, the lower support at $1237 may hold the price and ignite a firm rebound quickly.

 Therefore, by the end of the month, the ETH price may trade under $1450 and accumulate strength to pull off a massive leg up in the coming months. 

Technical Analysis at a Glance

Given the current price levels, it would be difficult to imagine that the price of ETH was trading above $3,500 at the start of 2022. However, the token still appears to be poised to regain the lost levels as it continues to trade with a 4-digit figure, withstanding the bearish pressure. Therefore, the volatility may intensify with the advancement towards the end of the yearly trade. Hence, a spike beyond the pivotal resistance may be imminent in the upcoming days. 

Short-Term (4Hrs) The price of ETH is attempting to maintain a notable upswing, but the lack of volume could slow the rally’s momentum.
Mid-Term (Daily) Despite a dropped volatility the price is utilising all its resources to maintain a decent upswing
Long-Term (Weekly) Given that the buying pressure is waning, the long-term outlook for the ETH price appears to be somewhat bearish. 

Technical Indicators & Pivot Levels

Indicator Value (Short Time Frame /High Time Frame)(5Hrs/Weekly) Action (Short Time Frame /High Time Frame)(5Hrs/Weekly)
Relative Strength Index(RSI) 54.37 /39.40 Neutral / Sell
MACD -6.0 /-340.17 Sell / Sell
Average Directional Index(ADX) 30.21/20.33 Buy /Sell
Ultimate Oscillator 56.73 /50.93 Buy /Neutral
Bull-Bear Power 60.63 /-452.66 Buy /Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 $1286.81 $1346.16
MA 10 $1289.10 $1511.26
MA 20 $1290.51 $1463.07
MA 50 $1320.35 $2500.76
MA 100 $1320.85 $2376.74
MA 200 $1428.96 $1298.56

Ethereum price are displaying a huge amount of bullish momentum nowadays, and hence a notable upswing may be imminent in the short-term. While in the long-term the prices exhibit the possibility of falling into a deep bearish well. While the major indicators are bullish in STF, a short-term bounce appears to be imminent raising the price close to $1500. 

Conversely, in the long term, the bears are expected to regain the dominance that may compel the price to slash hard. The levels of MACD & Bull-bear power point towards a huge drop in the prices that may end the yearly trade on a bearish note. 

Ethereum On Chain Analysis 

Source : Santiment

Source: Santiment

Source: Santiment

Ethereum (ETH) Technical Analysis for Short Term

Source: Tradingview

Ethereum (ETH) Technical Analysis for Long-Term

Source: Tradingview

Where & How to Buy Ethereum(ETH)?

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