October 12 ETH Price Prediction: Hopes Dashed as Ethereum is Expected to Rebound?

Crypto News – Due to investor flight to Bitcoin as concerns about the Middle East conflict rise, the market structure for Ethereum is now unstable and has gotten worse.

October 12 ETH Price Prediction: Hopes Dashed as Ethereum is Expected to Rebound?

While bulls react quickly to defend support above $1,550, the price of Ethereum is once again under intense selling pressure. Early last week, excitement over the approval of a number of Ether futures ETFs drove the price of ETH to $1,750, but a fragile crypto market structure and investor profit-taking halted the recovery, sending the price into a severe decline.

The largest smart contract token, despite being essentially steady over the past 24 hours, has lost 4.6% in the past week and is currently trading at $1,557 on Thursday. While Ether’s market capitalization has remained at $187 billion, there has been an increase in trading volume of about $7.5 billion.

Ethereum vs. Bitcoin

Ethereum’s market value has dropped by 18% since June, whereas Bitcoin’s loss during the same time period, to $522 billion, was only half as great. Market worth dropped by 4.6% over the previous week, while Bitcoin’s price dropped by 2.9% to $26,792. Due to this negative trend, Ethereum’s market capitalization share has dropped from approximately 18.4% at the beginning of 2023 to just 17.9% at the current time. The market value of Bitcoin has climbed from 40% at the beginning of the year to 50%, according to data gathered by CoinMarketCap.

Ethereum Price Prediction

As bull market moving average indicators, the 21-week EMA, 100-week EMA, and 200-week EMA are all maintaining their positions below the price of Ethereum. The momentum indicator Relative Strength Index (RSI), which swings into the overbought region (below 30) and below the midline (50), supports the bleak outlook.

On the weekly chart, a falling wedge formation has developed, thus losing support at $1,550 would mean giving up on a potential trend reversal. Although traders cannot totally rule out more losses to $1,230 and $1,050, respectively, the next probable support level from here is the buyer’s glut around $1,450.