Ethereum uptrend: start of a bull run?

Ethereum uptrend: start of a bull run?

Ethereum (ETH) had a slight rise on October 4th. This rise started on Monday, from the current range low at $1280. But after nudging the high on September 30, the price suddenly fell. Currently, the second eternal is found at a key level around $1316. The price response to this support level could be decisive. A bounce would likely initiate a maximum trend. Although a breakdown will be a bearish sign.

ETH still in range

Yesterday, Ethereum saw a slight increase which saw it gain 8% in value. But if we apply a wider vision, its price remains between $1400 and $1280 in size. This range of motion is likely to continue. However, this will change if Bitcoin (BTC) starts a bullish move towards $22,000 or higher. In fact, the market trend follows the movements of BTC.

In such a case, Ethereum price could break $1400 resistance. Then the price may test the next resistance at $1570. But if there is enough buying pressure, ETH could be seen breaking the $1730 barrier. In this case, one could imagine a bullish trend for Ethereum (ETH) in the long term.

If all these bullish scenarios are not valid, the price may go back to the crucial support at $1220. If Ether breaks through this level, it is likely to trigger a correction towards $1080.

Ethereum upgrade
Ethereum (ETH) / Dollar (USD – source: TradingView

Ethereum (ETH): after uptrend, return to support

The close of today’s London session saw this crypto approach support around $1316. This comes after yesterday’s uptrend.

This level seems relevant since it is aligned with several things. In fact, this is also an old resistance that was broken recently, which could push the price back up. Then, it is close to the 0.5 level of the Fibonacci. In addition, it is in line with the 100 moving average on H1, which also plays a supporting role.

Therefore, a bounce from $1316 could drive the price up the range at $1400. To confirm an uptrend on Ethereum, we will wait if the price breaks through the October 4th high.

If the price breaks through this support at $1316, the sellers will come into play. If the bears remain in charge, the price will continue to decline again to the October 3 low.

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Cointribune’s editorial team unites their voices to express themselves on topics specific to cryptocurrencies, investment, the metaverse and NFTs, trying to answer your questions in the best possible way.

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