- Ethereum price hit a monthly low last night amid a box pattern.
- At that time, Ethereum price consolidated below the $1,300 level and the 20-day exponential moving average.
- Trading volume fell 14.4% to $8.28 billion in the past 24 hours.
The price of Ethereum has not been able to meet the expectations of market investors. Buyers are also hesitant to invest any long time in crypto due to low volatility. Even some investors are currently short positions due to the bleak Ethereum price predictions nowadays. Uncertainty spread as bitcoin price dipped below $20K, with bulls often failing to manage BTC above this level.
After retreating from the $2000 level, Ethereum price frequently declined. This conceptual round level turns into a significant bullish barrier in the coming trading sessions. Buyers will have to put in a lot of effort for a breakout. Later, bears dominated Ethereum price below the downsloping trendline (bottom of the chart).
Amid slipping down from the support trendline of falling parallel channel (in hourly chart) the Ethereum price again met monthly low last night amid box pattern. Thus crypto is consolidating under the box pattern. At times ETH price consolidates below $1300 level and stays at $1295 mark along with 1.32% intraday gain.
Trading volume flashed aggressive selling in the last two days, but it fell back by 14.4% at $8.281 Billion in the last 24 hours. Today, Ethereum price along with the Bitcoin pair stays in green by 1% at 0.06775 Satoshis.
Ethereum Price Prediction for October
Undoubtedly Ethereum price is under strong selling pressure, however, the bulls certainly reversed the price trend in the August price rally. As a result market sellers have been trying to keep ETH price below the 20 day exponential moving average so far in October.
The RSI indicator shows lower momentum for Ethereum price this week after falling from the overbought zone. Moreover, the MACD indicator is moving towards the neutral zone in terms of the daily price chart. However, both the indicators are not showing any strong positive signs.
Ethereum price is looking sideways in a box pattern as it remains below the short-term resistance level of $1300. The RSI and MACD show weakness in the crypto. Regarding the Ethereum price prediction, buyers can keep the price of Ethereum below the 20-day exponential moving average this week.
Support level – $1200 and $1000
Resistance level – $1500 and $2000
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.