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Technical Analysis for ETHUSD for 13th October 2021

Ethereum Flat-Lines as Prices Stay at Equilibrium, are ETH Buyers Exhausted?

Ethereum might be the world's most active blockchain but is struggling with scalability. Out of this, network fees are at excessive levels. Nonetheless, the next upgrade of Arbitrum would see the Layer-2 process even more transactions cheaply.

Past Performance of ETH

The ETH/USDT chart is at equilibrium as per CryptoAltum price feeds. 

For instance, the coin is stable at writing, adding two percent versus the USD on the last trading day. 

However, there are also lower lows relative to the upper BB, questioning the uptrend's strength.

What to Expect of ETH

Technically, sellers might have the upper hand—at least in the short term—as long as ETH prices trend below $3.7k. 

How ETH prices react at the immediate support at around $3.5k and the middle BB could define the short-term trend. Losses below this support zone open up ETH to $2.8k. 

Conversely, a sharp, high volume upthrust above $3.7k may see ETH lift off to $4.3k in a buy trend continuation pattern.

Ethereum Technical Analysis

Overall, ETH is bullish from a top-down approach. 

Even with hints of weakness and lower lows of the last few days leading to a broader consolidation, buyers have a chance. 

As mentioned earlier, gains above $3.7k may be the lights leading to $4.3k. 

However, it would be interesting how ETH reacts at $2.5k if prices slide in a cool-off after steady gains in the early days of October.

Resistance level to watch out: $3.7k

Support level to watch out: $3.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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