Ethereum Price Analysis: ETH looks positive for near future?


  • The EMA(50) is currently at $1,538.20.
  • ETH/USD is confronted with resistance level of R1 at 1,399.02 dollars.
  • Ethereum shows bearish momentum over the weekend.
  • ETH’s intraday volume stands at $10,697,273,331.00.

03 October 2022 : In this article we will walk you through Ethereum price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Ethereum, Is ETH a good investment? Ethereum support & resistance levels etc. But before diving deep into the ETH technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $729,661,588,345. The total trading volume stands at $45,441,080,186. Bitcoin shares 51.47 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,590.97 level after an upward movement of 2.17%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.38 percent reaching to $1,324.81 during the previous 24 hours.
While publishing this blog, BNB traded at $288.15, following a price change of 1.67% within the same time frame. XRP the native coin of XRP is down by -0.23 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.59% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Ethereum Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Ethereum (ETH)

ETH Resistance Levels ETH Support Levels
Resistance Level 1 $1,399.02 Support Level 1 $1,256.83
Resistance Level 2 $1,470.81 Support Level 2 $1,186.43
Resistance Level 3 $1,541.21 Support Level 3 $1,114.64

Ethereum Performance

The price of Ethereum (ETH) is at $1,324.81, up 2.38% in the past 24-hours and has a price change of -0.34% over the week. One day trading volume for BTC is 10,697,273,331.00 USD while total marketcap reached $162,471,940,745.00 USD. There are almost 122,637,725 are in circulation out of 122637725.

Ethereum Price Analysis

ETH price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Ethereum.

Moving Averages Price Indicator
Simple Moving Average (10) 1,322.94 Buy
Exponential Moving Average (10) 1,320.70 Buy
Simple Moving Average (20) 1,371.25 Sell
Exponential Moving Average (20) 1,365.48 Sell
Simple Moving Average (50) 1,547.48 Sell
Exponential Moving Average (50) 1,538.20 Sell

The MACD line is standing above of the signal line after a positive crossover. Ethereum investors need to wait for any directional change over the daily chart. While ETH’s Williams %R indicator is at -49.967 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying consolidation phase while trading at 47 and is trying to break out of the neutrality zone. The immediate resistance level for ETH prices is at the psychological mark of $1,399.02. If everything goes well the coin might try to break above $1,470.81 mark. Conversely, the broken trend line might bring the price back to $1,256.83 support level.

Conclusions

From the technical analysis, the overall trend of the Ethereum is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if ETH manages to stay above $1,256.83, it can provide an excellent long opportunity for ETH communnity.