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ETH Rising, will Bulls Sustain the Rally?

Ethereum Price Analysis 01/10/2021

Market Movers:

NFT-related activities continue to help draw more ETH from circulation as prices remain steady.

Ethereum developers preparing for the Altair Upgrade pave the way for Eth2 and staking.

Past Performance of Ethereum

Ethereum prices are firm at the time of writing but still confined in a broader consolidation, streams from CryptoAltum reveal. 

Although bulls are confident, citing Ethereum's long-term prospects, how prices react at key price levels, especially above $2.8k, would define the medium-term trend.

What to Expect of Ethereum?

In the day-ahead, ETH prices could shake off bears, gallop higher as market participants are confident. 

Even so, the trend could quickly shift in favor of sellers if ETH slips below $2.8k. 

On the upper end, the zone between $3.2k and $3.5k is a zone of interest for optimistic bulls.

Ethereum Technical Analysis

Despite the overall confidence, Ethereum prices are within a bear breakout pattern. 

The failure of bulls to close above $4k and the subsequent pullback from early September seemed to have emboldened bulls. 

Therefore, if buyers are to flow back and take charge, there should be a substantive close above the current consolidation above $3.2k with immediate targets at $4k. 

On the flip side, losses below $2.8k may see the coin tumble back to $2.3k.

Resistance Level to Watch: $3.2k

Support Level to Watch: $2.8k

Disclaimer: This is not Financial Advice. You should always your own research.

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