Up 19.52% so far in October, Ethereum might be on track for its first positive monthly close since July. At the time of publication, ETH was changing hands at $1,593, down 2.74% in the last 24 hours. Ethereum’s price retreated after confronting a key barrier slightly above where it trades, near the daily MA 200 at $1,698. According to Santiment, Ethereum’s price dominance over Bitcoin has continued as October is coming to a close. This has come following a spike in new ETH addresses created. Address activity will most likely need to recover before the rally can be confidently continued. It notes that as Ethereum’s price made its way back above the $1500 mark, trading volume rose, and social platform discussions reached their highest level since post-merge talks. In the last week, an Ethereum whale wallet that had not been active for more than 6 years came back to life and moved $22.2 million worth of ETH to an empty wallet. Ethereum’s price reacted to the move by climbing above the $1500 mark.
Key Levels
Resistance Levels: $2,300, $2,000, $1,700
Support Levels: $1,500, $1,300, $1,000
ETH/USD Daily ChartSince the beginning of October, ETH has gradually increased within a triangle range, but it was unable to move decisively above the $1,700 mark. After recently recovering from a low of $1,190 on October 13, ETH/USD crossed the daily moving average (MA 50) at $1,400. The ETH price is now waiting for a chance to break the triangle’s surface, which could bolster buying pressure above $1,700 and toward the $2,000 level.
The daily relative strength index (RSI) upward trend, which has broken through its overbought 70-point level, is a heartening sign that the upward trend may continue. Despite this, the indicator is still trading below 70. So, new higher highs may be necessary to support a bullish bias. On the negative side, if the horizontal support at $1,300 is breached, selling pressures may increase and move the price toward the $1,200 and $1,000 levels.
ETH/USD 4-Hour ChartETH is still in a phase of consolidation, which is topped at $1,664. The price of ETH has increased since falling to $1,190 on October 13 and now in the new week might approach the triangle’s top at $1,700, where a successful breakout is anticipated to gain momentum toward the top of $2,000. If buying pressure increases, even more, the $1,800-$1,900 range may try to stifle the rally before the $2,000 mark.
Alternatively, the $1,500 round level and the 4-hour moving average (MA 50) at the $1,480 level may immediately come to the rescue if the price drops further. In the short term, ETH/USD is maintaining a bullish tone within a triangle and is probably awaiting a close above $1,700 or below $1,600 to move higher or lower.
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