Although Ethereum (ETH) rose significantly in October, it has not yet broken the September highs of $ 4,027.
It is currently trying to find support above USD 3,650 after which an upward move is expected. This move will bring ETH above the September highs.
The daily chart shows that ETH is broken above the $ 3,650 area that previously acted as resistance since September 12th. This happened on October 14th (green symbol).
The breakout hit a high of $ 3,971 three days later. However, the subsequent rejection confirmed the USD 3,970 area as resistance. ETH is currently trading between these two levels.
Despite the rejection, technical indicators offer a bullish outlook. MACD is rising and is in positive territory. This means that the short term trend is faster than the long term trend.
The RSI is above 50 and rising slightly. This is a sign of an upward trend. It first rose above the 50 mark on October 1, around the same time the upward trend began.
Finally, Supertrend is bullish (green symbol). ETH price moved above the supertrend line on October 14th, the same day it broke the $ 3,650 resistance area.
So the daily timeframe offers a bullish outlook for ETH and suggests that there will be a breakout at some point.
ETH / USDT daily chart | Source: Tradingview
Trader @Altstreetbet has sketched an ETH chart where the price will soon hit $ 4,000.
The source: Twitter
The wave count shows that ETH is currently in the fourth wave of a bullish impulse. A bullish impulse is created by five waves so further upward movement is expected.
Wave four could end in the USD 3,650 support area as it also coincides with the resistance line of a parallel ascending channel from which ETH previously broke out. This line is now expected to act as support, thus providing a confluence of support levels at USD 3,650.
A more bearish scenario would bring ETH to USD 3,350 and complete a sub-4 pullback in the process. The $ 3,350 target is created by the 0.5 fib retracement support and the centerline of the parallel channel.
BTC / USDT 6-hour chart | Source: Tradingview
The long-term wave counting (orange) shows that the ETH between the 19th
As such, it is currently in the first wave of a second bullish impulse that is expected to take ETH to an all-time high.
BTC / USDT 12-hour chart | Source: Tradingview
ETH / BTC
ETH / BTC shows a much more bearish outlook than the USD pair.
The token fell back into a long-term rising parallel channel and was subsequently rejected by the resistance line of the channel (red symbol). Until the price breaks across the channel, the trend cannot be considered bullish.
In addition, both RSI and MACD are falling. The former is below 50 while the latter is in negative territory, both of which are signs of a downtrend.
The next support is at ₿0.0575. It is both a horizontal support area and coincides with the center line of the parallel channel.
ETH / BTC daily chart | Source: Tradingview
You can see the ETH price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto