Ether is struggling break the $20-day EMA ($1,351) The bears will likely sell during rallies to try to push the price to $1,220. The bears have an advantage because of the gradual decline in the 20-day EMA as well as the RSI being in the negative territory. The Fed’s September CPI data will be the focus of attention. It is expected to be released on October 13th. This could impact the Fed’s decision regarding the November rate hike. The asset price is currently trading at 3.2% lower, while global volume is up by 63%.
At the time this article was written, ETH was trading for $1,278.
Chart for Ethereum (ETH).
ETH has been consolidating, trading below its 20 day moving average, in a range of $1,250 to $1.400. Technically, the asset tried to find support at the upward trendline. Today, it broke the downtrend line. The horizontal trendline at $1.250 will provide strong support. The trend will be determined further by breakouts on either end of the range. We can expect the asset to rally if it closes above $1,500. A break below $1.250 will result in further decline.
Support 2Support 1AssetResistance 1Resistance 2$1,000$1,250ETH$1,750$2,000
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11th-October-2022 ZebPay.
