Crypto News – At a support trendline that has virtually ascended for 500 days, the price of Ethereum has risen. Shortly after the bounce, Ethereum made an upward breakout above a shorter-term falling resistance trendline.
October 6 ETH Price: Ethereum on the Rise Amid ETF Launch
The price of ETH has grown since September 11, according to the daily time frame chart. A long-term rising support trendline that has been in place for 473 days is where it bounced at the time.
On September 28, the price of ETH emerged from a short-term falling resistance trendline after making a higher low. On October 1, the breakout resulted in a high of $1,751. However, throughout the following days, the price has decreased. The remainder of the cryptocurrency market has experienced a comparable decline.
Ethereum Price Analysis
Analyzing the ETH price movement in more detail reveals that a sizable positive divergence in the RSI occurred before the Ethereum price rally. The next barrier for ETH is $1,820, or 11% more than the current price if the rise continues.
The long-term ascending support line must be closed below in order to invalidate the bullish structure, notwithstanding this bullish ETH price forecast. The next long-term support, at $1,430, would then be reached by a 12% drop in the price of Ethereum.
Leave a comment