Market Analysis

ETHEREUM PRICE ANALYSIS & PREDICTION (October 24) –ETH Taps 16% Gains In A Week, Target $1,900 Next 

With an 8% surge in the last 24 hours, Ethereum’s dominance increased to $17.3% as the global crypto market added $200 billion in a week. It currently looks bullish but is still trapped in a daily descending channel.

Ethereum was trading as low as $1,522 a few days ago after retracing from $1,751 on October 1. But fortunately, the price recovered from that low level and started to increase significantly after stagnating for two days.

It closed last week’s trading above $1,600 and entered into the new week strong as it flipped through a two-month resistance of $1,746 this Monday. The bulls further reiterated actions and pushed the price to exactly $1,850 today. 

The price has retraced briefly from there due to a sudden rejection. If the price further retraces, the recently flipped resistance is likely to serve as a support level to keep in mind for a retest. A resurge from there could trigger a massive explosion out of the descending channel.

From a technical perspective, ETH is likely to advance rally in the next few hours. For now, the next key target for buying lies at the important $1,900 level, located around the upper boundary of the descending channel.

On the other hand, if the price continues to respect this channel, we can expect it to resume bearish towards the lower boundary. But from the look of things, Ethereum is more likely to break out in the next couple of days.

ETH’s Key Level To Watch

Source: TradingView

As ETH aims to claim more highs in the coming days, the resistance level to consider for a channel breakout lies at $2,029 (July high), followed by the current yearly high of $2,141, marked in April.

In case of a drop, the levels to watch as support are $1,746 and $1,700. If those levels fail, it may roll back to $1,639 and perhaps $1,560, near the monthly low.

Key Resistance Levels: $1,900, $2,029, $2,141

Key Support Levels: $1,746, $1,639, $1,560

  • Spot Price: $1,821
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.