Ethereum (ETH) stands at a price of $1,633 as of October 8, 2023, showcasing a minor dip of 0.2% in the last 24 hours amidst a relatively flat cryptocurrency market. The digital asset has been grappling with a significant resistance near $1,620, with a further formidable resistance at $1,665, marking critical levels for a potential bullish reversal.
Key Prices:
Current Price (as of Oct 8, 2023): $1,633
Support Level: $1,530
Resistance Levels: $1,620 and $1,665
Analysis:
Despite a minor retracement, ETH has displayed a 2.5% growth over the last 14 days, and a remarkable 36.5% upsurge since the year's commencement, hinting at a strong recovery potential amidst a stagnant market scenario.
Most Probable Scenario:
Technical indicators forecast a balanced market scenario for ETH, with its 30-day moving average trailing below its 200-day average for over a month, while its Relative Strength Index (RSI) edges towards 50, suggesting a potential rally. The pivotal $1,665 resistance level appears as the next target for bulls, with the $1,530 support providing a solid foundation for upward movement, given favorable market conditions. The positive impact from the recent Shanghai and Capella Hard Forks further augments the bullish outlook, delineating a promising pathway for ETH if the critical resistance at $1,665 is surpassed.