- Ethereum price prediction suggests the consolidation phase of the ETH crypto as it struggles to escape the trap.
- ETH crypto has slipped below 20, 50, 100 and 200-days Daily Moving Average,
- Investors are approaching and this is being enlightened by the trading volume as it dramatically increased by 54.91% in the past 24-hours.
The second profound and established cryptocurrency after Bitcoin is currently sideways inside the horizontal range-bound area of $1230 and $1390. Ethereum price prediction showcases the fall of the renowned cryptocurrency as BTC also slumped below $20000 level. ETH crypto must attract more buyers in order to reverse the current trend over the daily price chart. Ethereum price action must be upright by accumulating more buyers in order to resist the fall below the lower price range.
Ethereum price is currently approximated at $1309 and has lost 1.00% of its market capitalization in the last 24-hour period. Trading volume has increased by 56.68% during the intraday trading session. This indicates that buyers are getting attached in the trade to save ETH crypto from falling. Volume to market cap ratio is at 0.05253.
Ethereum price prediction is getting harder to predict as the market is so unpredictable these days due to the ongoing bear market. ETH crypto must acquire a large amount of buyers to prevent the token from falling. Meanwhile, the price action of Ethereum crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average. Volume bars can be seen below average and it must be raised above average to avoid falling off the range.
Will ETH Crypto Avoid Falling below Range?
Technical indicators suggest the downtrend momentum of ETH crypto. Relative strength index showcases the bearish momentum of the second largest cryptocurrency. MACD exhibits the sideways momentum of ETH coin. The MACD line is ahead of the signal line but with a lower margin. ETH investors must wait for any directional change over the daily price chart.
Conclusion
The second profound and established cryptocurrency after Bitcoin is currently sideways inside the horizontal range-bound area of $1230 and $1390. Ethereum price prediction showcases the fall of the renowned cryptocurrency as BTC also slumped below $20000 level. ETH crypto must attract more buyers in order to reverse the current trend over the daily price chart. Technical indicators suggest the downtrend momentum of ETH crypto. ETH investors must wait for any directional change over the daily price chart.
Technical Levels
Support Levels: $1300 and $1240
Resistance Levels: $1350 and $1420
Disclaimer
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/10/ethereum-price-prediction-when-will-eth-surge-above-the-1500-amid-this-cryptocurrency-bloodbath/