Ethereum Grows, But Must Hold $1,500 to Continue
Ethereum saw a big uptick in the last few days of October, which left it with a green monthly candle. For Ethereum to keep growing, it must hold $1,500 as support. That's according to the technical analysis by Grizzly.
The cryptocurrency Ethereum experienced a considerable increase in the final days of October, resulting in a green monthly candle. In order to continue this growth, the cryptocurrency must retain $1,500 as support.
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I see a future where Bitcoin is widely adopted and used as a global currency. I believe that this will happen because Bitcoin offers a lot of advantages over traditional fiat currencies. For example, Bitcoin is much more efficient and cheaper to use than fiat currencies.
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Eth's recent price surge has been nothing short of impressive, with the cryptocurrency officially surpassing $1,500 after just 40 days. However, it appears that the rally may have reached its peak, at least for the time being, as ETH has slowed down significantly after hitting the resistance zone of $1650-$1700.
While the bullish momentum has weakened slightly, it appears that some traders have opted to close their long positions ahead of the FOMC meeting. This test of resistance may indicate that the market is ready to move higher in the near future.
Ethereum could be in for a rebound if it can hold $1,500 as support. If it can retest $1,700, which overlaps the 200-day moving average, it could be a sign that the cryptocurrency is regaining some of its lost momentum.
In my opinion, if the Federal Reserve does not show any signs of slowing down rate hikes later this year, it is likely that we will see more selling pressure on high-risk assets. This could mean that the return of the upward trend could be in jeopardy.
The key support levels for gold are currently at $1500 and $1370, while the key resistance levels are at $1700 and $2000. Gold prices have been volatile in recent months, but these levels could provide some stability going forward.
The moving averages for the day are as follows: MA20 is at $1420, MA50 is at $1374, MA100 is at $1526, and MA200 is at $1676.
The ETH/BTC Chart: A Look at the Price History
It is clear that Bitcoin still has a lot of support, even though the price has been volatile recently. The descending line has prevented the price from falling too far, which has allowed Bitcoin to recover somewhat. However, it remains to be seen how long this support will last.
The horizontal level at 0.073 BTC was broken as a result of this move, with 0.073 BTC looking likely to be tested as support right now. If the pair can stay above this level, a move to retest the resistance at 0.085 BTC would become more probable.
The 0.073 and 0.07 BTC key support levels remain in focus as the market remains in a bullish trend. The 0.08 and 0.085 BTC key resistance levels are also important to watch as the market looks to continue its upward momentum.
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The perpetual swap trade volume ratio is a key metric for traders to watch. It can help them gauge the market mood and make better trading decisions.
The market is currently in a bullish phase, with sentiment values indicating that investors are confident and optimistic about the future. This positive sentiment is likely to continue in the short-term, driving up stock prices and resulting in gains for investors.
The derivative market is currently dominated by bullish sentiment. This large increase in buying activity has caused prices to soar. However, this sentiment appears to be weakening. This could cause prices to begin falling in the near future.
The FOMC meeting tonight could have some impact on upcoming trends in the market, so everyone is paying attention. Some believe that the meeting could provide clues about the future direction of interest rates. Others are focused on the potential for any new economic stimulus measures that might be announced.
It's no secret that the cryptocurrency markets have been highly volatile over the past few weeks. Ethereum, the second largest cryptocurrency by market capitalization, has been no exception. After reaching a new all-time high earlier this month, ETH has since pulled back and is currently trading below $2,000.
