Ethereum Technical Analysis Report | 1st-November-2022

Ether price surged to its highest level since September, but data shows whales have no appetite for leveraged longs. On October 29th, another rally of 10.3% to $1,650 occurred, triggering another $270 million in short seller liquidations in ETH futures contracts. A total of $840 million in leveraged short positions were liquidated in three days, representing over 9% of total open interest in ETH futures. The formation of a bullish buying and selling pattern shows that the ETH/BTC pair may be at the edge of a reversal. The asset price had less than a 1% marginal fall while the global volume was up by more than 27%.

At the time of writing, ETH was trading at $1,588.

Ethereum Chart | 1st November 2022
Ethereum (ETH) Chart

ETH was consolidating and trading in a range from $1,200 to $1,400. The asset finally gave a breakout above the range and rallied almost by 19% making a high of $1,666. Post this move, ETH is consolidating between $1,550 to $1,625.  The downsloping Trendline and the Horizontal Trendline at $1,750 will act as strong resistance and to further rally it needs to break and close above these levels whereas $1,400 and $1,200 will act as strong support for ETH.

  Support 2Support 1AssetResistance 1Resistance 2

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