Oct 4, 2022
VOT Research Desk
Key Insights and Analysis
For more than two weeks, the price of Ethereum has been stuck between the $1,423 and $1,282 barriers.
If ETH breaks out of this consolidation, it could face the $1,571 and $1,730 obstacles again.
The smart contract token’s bullish thesis will be invalidated if the daily candlestick closes below $1,191.
As it settles into a narrow range, the price of Ethereum displays no directional bias. As, Bitcoin bulls appear to be back, this development could change quickly, potentially pushing ETH out of the current tightening range.
For more than two weeks, the price of Ethereum has remained close to the $1,282 support level.ETH gained momentum on October 2 and rallied 5.5 percent to approximately $1,320 at the time.
The price of Ethereum has been stuck below a ceiling of $1,423 in addition to the $1,282 level. Due to a lack of interest in the Bitcoin price, these two obstacles have reduced the volatility. However, things are likely to alter in the final quarter of 2022, which historically has brought about positive returns.
The initial indication of a bullish resurgence for ETH is the transformation of the $1,423 hurdle into a support floor. The price of Ethereum will rise above this point, reaching $1,571 and $1,730, two crucial resistance levels.
A rise to $1,730, which would represent a 31% increase from the current level, is likely where the upside for Ethereum price will end in the near future or at least until the price of Bitcoin continues to rise.
Even though Bitcoin has no directional bias, the price of Ethereum may experience a steady surge in momentum that could start the rally. However, due to the bearish retail mindset, this is unlikely.
On the other hand, the bullish thesis for the smart contract token will be invalidated if the price of Ethereum falls below $1,191 on a daily candlestick. The $1,080 support floor may be retested by ETH in light of this development.
