Ethereum started a downside correction from a new all-time high at $1,697 against the US Dollar. ETH price is holding gains above $1,600 and it could start a fresh increase.
- Ethereum started a downside correction below the $1,650 and $1,620 levels.
- The price is still trading well above $1,600 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $1,655 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to resume higher once it clears the $1,655 and $1,660 resistance levels in the near term.
Ethereum Price Remains Steady
After setting a new all-time high near $1,697, Ethereum started a short-term downside correction. ETH traded below the $1,650 and $1,620 support levels. There was also a spike below the $1,600 level, but the price recovered quickly.
Ether is now trading well above $1,600 and the 100 hourly simple moving average. The recent swing low was formed near $1,589 before the price climbed above $1,620.
There was a break above the 50% Fib retracement level of the recent decline from the $1,672 high to $1,589 low. It seems like there is a key contracting triangle forming with resistance near $1,655 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The triangle resistance is close to the 76.4% Fib retracement level of the recent decline from the $1,672 high to $1,589 low. If there is a close above the triangle resistance at $1,655 and $1,660, ether price might start a fresh increase.
In the stated case, it could even surpass the $1,700 level in the near term. The next major resistance for the bulls above $1,700 might be $1,735 (a key fib extension level).
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Dips Supported in ETH?
If Ethereum fails to clear the $1,655 resistance level and the triangle upper trend line, it could correct further lower. On the downside, an initial support is near the triangle lower trend line at $1,585.
A downside break below the triangle support could push the price towards the $1,550 support zone. Any more losses is likely to lead the price towards the $1,500 support region in the coming sessions.
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.
Major Support Level – $1,585
Major Resistance Level – $1,660
Ethereum Price (ETH) Inches Closer to the $4k Mark! Institutional Investors seem Bullish
Over the last 24 hours, the market has been in the green. Ethereum is up 4.04 percent, while Bitcoin is up 3.74 percent. Early on, the Ethereum cryptocurrency entered a little bullish phase, and the price of Ether appears to have breached the level of $3,800.
In the previous few days, ETH has made a significant advance, and the coin is currently approaching a test of the $4k threshold.
A several-day sluggish retreat from the barrier was visible to the $3,400 mark. A firm foundation was built earlier this week after multiple efforts to break lower.
According to popular analyst Michael van de Poppe, December is frequently the ideal time to buy altcoins.
He claims that If history repeats itself, we might see a 200 percent run on $ETH/BTC towards the ATH region from there, but first there will be a larger pullback while #Bitcoin continues to perform well.
December is often the best period to buy #altcoins.
If history repeats, we might be getting a run of 200% on $ETH/BTC towards the ATH region from there, but first a heavier correction while #Bitcoin does well. pic.twitter.com/Op0grUEq3L— Michaël van de Poppe (@CryptoMichNL) October 15, 2021
ETH Price to $4000!
Fundstrat, an independent financial research firm, has some exciting news for Ethereum fans. According to the firm’s technical research, Ethereum is on the verge of a massive bull run that will push it past previous all-time highs.
“Ethereum Looks To Be Starting To Gain On Bitcoin After A Near One-Month Period Of Underperformance Throughout September.”
The crypto’s soaring market share, according to Fundstrat, will propel it over the psychologically significant $4,000 threshold. A convincing move above $4,030 would bolster the bulls, putting the coin on track for a new all-time high of $4,950.
Crypto exchange Coinbase recorded a withdrawal of 400k Ethereum yesterday, according to on-chain data. This could be a hint of institutional investment activity, which would be good for the coin.
Approximately 400k ETH (1.5 billion at the current exchange rate) was removed from the crypto exchange Coinbase yesterday, according to a CryptoQuant report.
The fact that institutional investors are bullish on ETH could spell disaster for the cryptocurrency. If ETH is to advance to the next level, it will require a significant amount of capital, which normally means that whales such as institutional investors will be required to participate.
Ethereum Forecast October 18 — 22, 2021
Ethereum ETH/USD ends the trading week at 3847 and continues to move as part of the rise and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the area of 3055. Where can we expect a rebound and a continuation of the rise in the rate and value of Ethereum with a potential target above the level of 4755.
Cryptocurrency Ethereum Forecast October 18 — 22, 2021
An additional signal in favor of raising the ETH/USD quotes in the current trading week on October 18 — 22, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 2845. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2235. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4355 , which will indicate a breakdown of the upper border of the ”Triangle” model.
Cryptocurrency Ethereum Forecast October 18 — 22, 2021 implies an attempt to test the support area near the level of 3055. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 4755. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength. Cancellation of the growth option will be a fall and a breakdown of the area of 2845. In this case, we should expect a continuation of the decline with a target below the area of 2235.
Ethereum Towers Above Axie Infinity and Altcoin Projects, Earning $777,000,000 in Revenue in Just One Month
Ethereum’s (ETH) protocol revenue is towering over play-to-earn game Axie Infinity and other altcoin projects.
Data from Token Terminal shows that the smart contract platform’s protocol revenue in the past 30 days reached $777 million, far surpassing those of Axie Infinity ($183.6 million), non-fungible token (NFT) marketplace OpenSea ($70.1 million), decentralized margin trading platform dYdX ($49.9 million) and digital payment system Filecoin ($16.7 million).
Ethereum’s big number comes after the blockchain launched its major upgrade in preparation for ETH 2.0. Crypto exchange Kraken says that more than $1 billion worth of ETH has already been burned since the London hard fork was activated in August.
ETH’s hash rate also hit an all-time high on September 21st with miner revenue surging to as much as $70 million in early September amid rising demand for NFTs and optimism over ETH’s future.
Despite placing at a far second, Axie Infinity’s native token AXS saw a spike in price following reports that its developer, Sky Mavis, is now valued at $3 billion. The platform is on track to bring in $1 billion in revenue from in-game transactions this year.