Ether’s rally has reached the breakout level of a triangle. The 20-day exponential moving average ($1,323) is near this level. Therefore, the bears are expected to aggressively defend the level. The US stock markets have started the new week with optimism. The S&P 500 is up 2.60% and the Nasdaq Composite is up more than 3%. This suggests that markets have shrugged off September’s high inflation and focused on third-quarter gains. The asset price has marginally risen by 2.4% and global volume is up by around 22.5%. Ether’s dominance is at 17.86%
At the time of writing, ETH was trading at $1,336.5.
ETH has been consolidating and trading in a range from $1,250 to $1,400 over the past three weeks. The asset gave a breakout on the downside of the range and made the weekly low of $1,190. However, it failed to sustain at the lower levels and gave the daily closing above the support of $1,250. Technically, on a daily time frame, ETH has made a ‘Hammer’ candle (Bullish Candle). If the prices break and close above $1,400 then we can expect it to further rally up to $1,750 and $2,000 levels whereas a close below $1,200 will lead to further downfall.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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