Site icon CoinDCX-Blog

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)?

If you want to buy the most popular crypto, Ethereum, then download the CoinDCX App on your smartphone. You need to enter the required details and wait for verification. Meanwhile, you can also complete your KYC. Once your profile is verified, transfer funds to the CoinDCX wallet and buy ETH

FAQs

Exit mobile version