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By CryptoChamp · Posted
Ethereum (ETH) has seen some significant price fluctuations lately. With a slight gain of 0.3% at press time, ETH is trading at $2,446. Investors and traders are now focusing on the ETH price prediction as market conditions remain volatile. Let's break down the key factors affecting Ethereum’s price action and what to watch for in the coming days. Recent Price Movements Ethereum’s intraday low was $2,400.51, and its high reached $2,470.91. Recent outflows of $8.19 million from Ethereum ETFs (as of October 8) are adding to the pressure. Whale Alert has reported large ETH dumps to Coinbase, increasing selling pressure. Ethereum’s current market cap stands at $294.32 billion. Facing Resistance Ethereum’s price was rejected at a key resistance level of $2,461 on Monday. This resistance zone aligns with: 50% price retracement at $2,487. The 50-day EMA around $2,546. As of Wednesday, ETH is trading slightly above $2,400 and is again approaching this crucial resistance level. What Happens If Resistance Holds? If Ethereum fails to break the $2,461 resistance, we could see a 12% decline from its current level, possibly retesting the September 6 low of $2,155. The RSI is currently at 46, signaling weakness and a continuation of the downward trend. Potential Upside If ETH breaks through the $2,461 resistance and closes above the 50-day EMA at $2,546, there is potential for further upward movement. In this scenario: ETH could rise to retest its August 25 high of $2,820. Key Support Levels to Watch Should Ethereum fail to clear the resistance and start declining, here are the support levels to monitor: Initial support sits near $2,420. Major support is found at $2,390, which also aligns with the 61.8% Fib retracement level (from the $2,310 swing low to the $2,519 high). A move below $2,390 could push prices toward $2,325. Further losses may send ETH down to $2,240. The next critical support level is at $2,120. Ethereum's price is in a tight spot, with both upside and downside possibilities. A breakout above $2,461 could spark a rally, while failing to break resistance may trigger a decline toward lower support levels. Keep an eye on these key levels as the next few days will be crucial for determining ETH’s price direction -
By tradinglounge · Posted
Elliott Wave Analysis TradingLounge Daily Chart, Bitcoin/ U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective position: Wave ((Y)) Direction Next higher Degrees: wave IV Wave Cancel invalid level: Details: The decline of wave IV is likely to end and the price is re-entering the uptrend. Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: It looks like the wave IV correction is complete and the price is still likely to move up. Look for an opportunity to join the wave V uptrend. Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bearish Momentum. Bitcoin/ U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective position: Wave ((Y)) Direction Next higher Degrees: wave (2) Wave Cancel invalid level: Details: Wave (2) is likely to end and the price is re-entering the uptrend. Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: It looks like the wave (2) correction is complete and the price is still likely to move up. Look for an opportunity to join the wave (3) uptrend. Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bearish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here! -
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