Nov 02 2022
VOT Research Desk
After an astounding 20% increase, Ethereum price is consolidating at the upper boundaries of the $1,500 mark.
The decentralized smart-contract coin is emitting a few encouraging signs, implying that the increase will continue. The current price of Ethereum is $1,573. Ethereum has found support around the 38.2% retracement level, according to a Fibonacci tool surrounding the strongest part of last week’s advance.
The small pullback may be interpreted as evidence of the bulls’ underlying strength throughout the current rise. If the market is indeed bullish, a break over $1,600 might entice shelved bulls to enter the market and target the $1,800 liquidity zone for an additional 15% gain.
An Elliot Wave Trend Channel encircling the spectacular advance adds to the sense that ETH bulls are confidently set to rally.
Since ETH’s break of the 38.2% Fib level, the stair-stepping price action might be regarded a calm-before-the-storm pattern.
A strong surge of positive price activity could penetrate and break the present range.
The health of the uptrend is dependent on lower Fib levels remaining untagged. A break of the $1,450 level might be hazardous, triggering a selling frenzy.
If the bearish scenario plays out, the Ethereum price may be dragged back into the 21-day simple moving average at $1,370.
The aforementioned price action would result in an 11% decline in the current Ethereum price.
