Ethereum Technical Analysis Report | 18th-October-2022

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.

Ethereum Chart | 18th October 2022
Ethereum (ETH) Chart

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 2Support 1AssetResistance 1Resistance 2
$1,000$1,250ETH$1,750$2,000

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now