Technical Analysis for ETHUSD for 8th October 2021
Ethereum (ETH) adds 17% on Increasing Adoption, $4k incoming?
According to JP Morgan, a global bank, big money prefers Bitcoin over gold and Ethereum over BTC. Shifting grounds could be due to the critical role Ethereum continues to play.
Past Performance of Ethereum
The path of least resistance is northwards.
Reading from the ETH price analysis, the coin is up 17 percent week-to-date and relatively firm on the last trading day.
As we advance, the odds of ETH prices inching higher on growing demand is highly likely.
What to Expect from ETH
The Ethereum price is stable, solid as bulls continue to flow back, propping prices.
While ETH bulls double down, adding on dips, there are hints of lower lows relative to the upper.
Notably, surges are fizzling out for horizontal consolidation in lower time frames.
For optimist ETH bulls, this represents opportunities for traders angling for $4k or better in the days ahead.
Ethereum Price Analysis
ETH is up 22 percent on the last week of trading, in a bullish breakout pattern following the surges of October 1.
However, the upside momentum is toning down, but buyers are determined.
The first resistance level is at $3.98k—the September 2021 highs.
For the upside to be valid, there ought to be a high-volume upswing above $3.7k, triggering demand which might propel ETH prices to $4k—or better in sessions ahead.
Resistance level to watch out: $3.6k
Support level to watch out: $3.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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