With yesterday’s upward movement, Ethereum almost recouped its losses and may be preparing for another push through the resistance levels. The second most valuable cryptocurrency is currently experiencing some relief as the market sentiment has improved.
The crypto market could meanwhile retest lower levels due to the coming low volume weekend before a new surge gains traction. After this, Ethereum can reach the top of its channel at $1,400. In a tweet on October 14, analyst Reckitt Capital claimed that turning $1,450 into support would only strengthen the uptrend for Ethereum.
Following the September CPI announcement, Ethereum experienced a 10% recovery, rising from a low of $1,209 to a high of $1,339. The general crypto market recovered as a result of the uptick in the stock markets and the price of Bitcoin. The price of ETH increased as well; it is currently trading at $1,300.
Meanwhile, Rect Capital feels that Ethereum has already faced a significant hurdle. It has been circling below the resistance level for the past few weeks. Only if $1,450 turns into support, ETH price will move in the bulls direction. Ethereum is under pressure so far.
Upwards or sideways it is
Ethereum continues to trade above $1,300 despite the US dollar index (DXY) once more crossing over 113. Given that there is little chance of further decline, the price of ETH is most likely to move upward or sideways.
As of now, 1,592,964 addresses have at least one Ethereum, according to Glassnode. Additionally, there are 1,228 addresses sending ETH to exchanges, a 21-month low. This indicates that traders’ interest is increasing and ETH price is most likely to climb.
