Technical Analysis for ETHUSD for 13th October 2022
Ethereum Consolidates as a BB Squeeze Forms above $1.25k
Past Performance of ETH
Ethereum Technical Analysis
At spot rates, aggressive traders can continue unloading ETH on every attempt higher. The primary support is at $1.25k, flashing with the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range. This is also the September 2022 low. Considering the significance of $1.25k, ETH must hold above this level, ideally with increasing volumes, if buyers are to build any upside momentum. Presently, a BB squeeze is clear in the daily chart translating to tapering momentum and anticipation of a breakout in any direction in subsequent sessions. Accordingly, risk-on traders can wait, aware that sharp losses below September 2022 lows may see ETH dump to $1.1k or even 2022 lows in a bear continuation formation.
What to Expect from ETH
The downtrend is clear, and sellers are in the driving seat, based on the candlestick arrangement in the daily chart. If buyers are to take control, there must be a strong, high volume and engulfing bar above $1.4k, pointing to a shift in the trend and, possibly, prices bottoming up. Presently, any drop below September 2022 would break bulls' resilience.
Resistance level to watch: $1.4k
Support level to watch: $1.25k
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