Ethereum Technical Analysis Report | 4th-October-2022  

Ether (ETH) has been falling in a pattern for the past few days. In the short term, the price has been oscillating between $1,250 and $1,410, suggesting demand is at lower levels but selling is close to resistance. Price movements within the range are usually random and volatile. Therefore, it is difficult to predict the direction with certainty. The Ether-PoS merger shows tangible improvements in the blockchain including an increase in daily block creation and a significant decrease in average block time. The price of the asset is up by around 4.4% while the volume rose by 17.4% in the last 24 hours. 

At the time of writing, ETH was trading at $1,345.

ETH after making an ‘Evening Star’ pattern at the resistance of $1,750 on 11th September witnessed a correction. The prices fell almost by 30% and made the low of $1,220. Post this move, it is consolidating and trading below its 20-day moving average in a range from $1,250 to $1,400 over the past two weeks. Technically on a daily time frame, the asset is trying to take support at the upsloping trendline and the horizontal trendline at $1,275.  If the prices break and close above $1,500 then we can expect it to further rally up to $1,750 and $2,000 levels whereas a break below $1,250 will lead to further downfall.

  Support 2Support 1AssetResistance 1Resistance 2

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