Ethereum (ETH) had a slight uptrend on October 4th. This rise started on Monday, from the current range low at $1280. But after nudging the high on September 30, the price suddenly fell. Currently, the eternal second is found on a key level around $1316. The reaction of the price to this support level could be decisive. A bounce will likely signify the start of an uptrend. While a break down will be a bearish signal.
ETH still in range
Yesterday, Ethereum experienced a slight uptrend that saw it gain 8% in value. But if we apply a broader vision, its price remains in ricochet between $1400 and $1280. This range movement is likely to continue. However, this will change if Bitcoin (BTC) begins a bullish move towards $22,000 or higher. Indeed, the market trend follows the movements of the BTC.
In such a case, Ethereum price might break the resistance of $1400. Then the price will possibly test the next resistance at $1570. But if there is enough buying pressure, ETH could be seen breaking the $1730 barrier. In this case, one could envisage a bullish trend for Ethereum (ETH) in the long term.
If all of these bullish scenarios are not valid, the price may retrace to the critical support at $1220. If Ether breaks through this level, it will likely trigger a correction towards $1080.
Ethereum (ETH): after an uptrend, return to support
Today’s London session close led this crypto towards support around $1316. This comes after yesterday’s uptrend.
This level seems to be relevant since it aligns with several things. Indeed, this is also an old resistance that was recently broken, which could push the price back up. Then, it is close to the 0.5 level of the Fibonacci retracement. In addition to that, it lines up with the 100 moving average on H1, which also plays the role of support.
Thus, a bounce off $1316 could eventually drive the price up the range at $1400. To confirm an uptrend on Ethereum, we will wait if the price will break through the high of October 4th.
In the event that the price breaks through this support at $1316 down, the sellers will come into play. In this scenario, the price could drop back towards $1300, which is the next closest support. If the bears remain in control, the price will continue to decline revisiting the October 3 low.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
