- Ethereum (ETH) price rebounded, rising by 6% over five consecutive days after finding support at $1,521.
- Ethereum’s price range is defined by $1,608 resistance and $1,521 support.
The second largest cryptocurrency, Ethereum (ETH), has recently experienced a resurgence in the crypto market, showcasing significant price movements. On October 13th, Ethereum’s price rebounded from a key support level at $1,521, initiating a five-day winning streak and yielding a substantial 6% gain. As of the latest data, ETH is currently trading at $1,590, and market sentiment suggests that the cryptocurrency is gearing up for a more extensive recovery in the days to come.
Notably, on October 16, Ethereum initiated another upward movement from the $1,550 level. Similar to Bitcoin, ETH gained momentum and surpassed the critical resistance level of $1,600.
Ethereum (ETH) Daily Chart Analysis
The altcoin formed a bull cycle within the framework of a cup and handle pattern. This pattern, when observed in the daily time frame chart, hints that Ethereum may be poised for further upside potential.
ETH progress remains confined within a range marked by two horizontal levels at $1,608 as resistance and $1,521 as support. Until the price manages to breach these boundaries decisively, it is likely to sustain a sideways trading pattern.
Currently, ETH is trading slightly above $1,590 and is closely tracked by the Exponential Moving Average (EMA). There is a pivotal bullish trend line that is emerging, offering support around $1,570 on the hourly chart of ETH/USD.
Also, as the buying pressure continues to solidify around the $1,531 support, there’s potential for a new bullish cycle to kick in within the range pattern. Further, a break above the $1,608 resistance would open doors to higher price levels, with $1,650 and $1,975 being potential targets for the bulls.
However, in a scenario where Ethereum struggles to surpass the $1,608 resistance level, it may pave the way for a downward movement. In this case, the initial support was located near the $1,575 level. The next significant support level is at $1,550. This threshold could propel the price into a deeper bearish phase, possibly targeting the $1,520 level.
At the time of writing, Ethereum’s price is at $1,590, reflecting a 2% gain over the past 24 hours. Additionally, the daily trading volume has surged significantly, registering an impressive increase of more than 103% and reaching $8.2 billion.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://thenewscrypto.com/eth-rebounds-but-can-it-cross-resistance-to-be-bullish/
- :has
- :is
- :where
- $UP
- 16
- 2%
- 24
- 26
- 36
- a
- above
- Additionally
- After
- Altcoin
- an
- and
- Another
- around
- AS
- At
- average
- BE
- bearish
- being
- Billion
- Bitcoin
- boundaries
- breach
- Break
- bull
- Bullish
- Bulls
- but
- Buying
- by
- CAN
- case
- Chart
- closely
- come
- consecutive
- continues
- could
- critical
- Cross
- crypto
- Crypto Market
- cryptocurrency
- Cup
- Currently
- cycle
- daily
- daily trading
- data
- Days
- deeper
- defined
- doors
- downward
- EMA
- emerging
- ETH
- ETH/USD
- Ether (ETH)
- ethereum
- ethereum (ETH)
- Ethereum's
- experienced
- exponential
- exponential moving average
- extensive
- finding
- five
- For
- FRAME
- Framework
- from
- further
- Gain
- gained
- gearing
- handle
- higher
- hints
- Horizontal
- HOURS
- HTTPS
- impressive
- in
- Increase
- initial
- initiated
- initiating
- into
- IT
- kick
- largest
- latest
- Level
- levels
- likely
- Line
- located
- manages
- marked
- Market
- market sentiment
- max-width
- May..
- Momentum
- more
- movement
- movements
- moving
- moving average
- Near
- New
- next
- observed
- october
- of
- offering
- on
- open
- over
- past
- Pattern
- pave
- phase
- PHP
- pivotal
- plato
- Plato Data Intelligence
- PlatoData
- poised
- possibly
- potential
- pressure
- price
- price chart
- Progress
- Propel
- range
- reaching
- recently
- recovery
- reflecting
- registering
- remains
- Resistance
- rising
- scenario
- Second
- sentiment
- Share
- showcasing
- sideways
- significant
- significantly
- similar
- solidify
- Source
- Struggles
- substantial
- Suggests
- support
- support level
- Surged
- surpass
- surpassed
- SVG
- targeting
- targets
- than
- that
- The
- There.
- These
- this
- threshold
- time
- to
- Trading
- trading volume
- TradingView
- Trend
- two
- until
- Upside
- upward
- volume
- was
- Way..
- when
- winning
- with
- within
- would
- writing
- yielding
- zephyrnet