Ethereum Price Prediction: Will $ETH Regain $1800 Mark this Week?
With the recent uptick in the crypto market, the ETH price rebounded from the range support of $1530 on October 13th. The coin price, rising for four consecutive days, registered a 3.85% gain, where the price is currently trading at $1585. The bull cycle within the rectangle pattern indicates the Ethereum coin is poised for further recovery in the coming weeks.
Will ETH Price Sustain $1500?
- A bullish reversal from the $1530 set the price for a 9.5% upswing
- The range breakout would lead to a direction rally in the ETH price
- The intraday trading volume in Ether is $8.5 Billion, indicating a 258% gain.
Source- Tradingview
In the daily time frame chart, the Ethereum price shows the formation of a range pattern marked within two horizontal levels of 1,745 to 1,530. Until these two boundaries are intact, the coin price is likely to prolong its sideways trend.
With renewed buying pressure around $1531 support, the coin price could trigger a new bull cycle within the range pattern By the press time, the ETH price trades at 1579 marks with an overall gain of 2.51%.
Earlier today, this altcoin witnessed significant buying pressure as the crypto market surged to the. rumor of SEC approving spot Bitcoin ETF. However, these rallies were short-lived for a majority of major cryptocurrencies as sellers continued to prolong the correction trend. Considering a positive scenario, if the coin price manages to sustain above the $1575 mark, the buyers may drive a 9% upswing to hit the overhead barrier of $1745.
ETH vs BTC Performance
Source: Coingape| Ethereum Vs Bitcoin Price
Comparing the last three months’ price behavior, the two market leaders, Bitcoin and Ethereum, are decoupling from each other, walking in two different directions. With the Bitcoin price attempting to make up new higher highs and higher lows to sustain recovery, the Ethereum price remains trapped in a downward direction, showcasing new lower lows in the daily chart.
- Bollinger band. The flattish lower band of the Bollinger band indicator could offer additional buying pressure in a mark.
- Moving Average Convergence Divergence: The potential bullish crossover between the MACD(blue) and signal(orange) slope reflects the increasing buying tone in the market.