Ethereum price managed to stay above $2,170 and recovered losses. ETH consolidating and still facing many hurdles near $2,350 and $2,400.

• Ethereum is attempting a fresh increase above the $2,300 resistance level.
• The price is trading above $2,250 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance near $2,245 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if there is a close above the $2,350 level.

Ethereum Price Regains Strength

Ethereum price extended its decline below the $2,200 level. However, ETH remained stable near the $2,180 and $2,170 levels. A low was formed near $2,170 and the price started a fresh increase, like Bitcoin.

There was a decent increase above the $2,240 level. There was also a break above a connecting bearish trend line with resistance near $2,245 on the hourly chart of ETH/USD. The pair climbed above the $2,320 resistance, but the bears were active near $2,350.

A high was formed near $2,358 and the price is now correcting gains. There was a minor decline below the $2,320 level. The price moved below the 23.6% Fib retracement level of the upward move from the $2,170 swing low to the $2,358 high.

ETH is now trading above $2,250 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price might face resistance near the $2,350 level. The next major resistance is now near $2,400.

Source: ETHUSD on TradingView.com

The main uptrend hurdle sits at $2,450. A close above the $2,450 resistance could start a decent upward move. The next key resistance is near $2,540. If the bulls push Ethereum above $2,540, there could be a rally toward $2,720. Any more gains might send the price toward the $2,800 zone.

Another Decline in ETH?

If Ethereum fails to clear the $2,350 resistance, it could start a fresh decline. Initial support on the downside is near the $2,280 level.

The first key support could be the $2,260 zone or the 50% Fib retracement level of the upward move from the $2,170 swing low to the $2,358 high. A downside break and a close below $2,260 might send the price further lower. In the stated case, Ether could test the $2,170 support. Any more losses might send the price toward the $2,050 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,260

Major Resistance Level – $2,350

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Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone.

• Bitcoin is again facing heavy resistance near the $38,500 zone.
• The price is trading above $37,500 and the 100 hourly Simple moving average.
• There was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is struggling to clear the $38,500 resistance and correcting gains.

Bitcoin Price Extends Decline

Bitcoin price revisited the $36,720 support zone. BTC managed to avoid a collapse and started a fresh increase above the $37,000 level. There was a clear move above the $37,500 level.

Besides, there was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair. The pair surged above the $37,750 resistance. However, the bears were again active near the $38,500 resistance.

A high was formed near $38,390 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high.

Bitcoin is now trading above $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is now near the $38,500 level. A close above the $38,500 resistance might start a strong increase.

Source: BTCUSD on TradingView.com

The next key resistance could be near $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.

Another Drop In BTC?

If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level.

The next major support is $37,500 or the 50% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high. If there is a move below $37,500, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $37,600, followed by $37,500.

Major Resistance Levels – $38,400, $38,500, and $39,200.

Ethereum price managed to recover from the $1,520 level against the US dollar. ETH is now facing hurdles near the $1,565 and $1,600 resistance levels.

• Ethereum is attempting a recovery wave above the $1,550 level.
• The price is trading just above $1,550 and the 100-hourly Simple Moving Average.
• There was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another decline unless there is a clear move above $1,565 and $1,600.

Ethereum Price Starts Minor Recovery

Ethereum managed to stay above the $1,500 and $1,520 levels. ETH formed a short-term support base and recently started a fresh increase from the $1,520 zone, like Bitcoin.

There was a move above the $1,550 resistance level. The price climbed above the 23.6% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. Besides, there was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD.

Ethereum is now trading just above $1,550 and the 100-hourly Simple Moving Average. However, the bears seem to be preventing an upside break above the $1,565 resistance.

If there is a clear move above the $1,565 resistance, Ether could rise toward the next major hurdle at $1,600. It is close to the 50% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. A close above the $1,600 resistance might start a decent increase.

Source: ETHUSD on TradingView.com

In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750.

Another Decline in ETH?

If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,550 level and the 100-hourly Simple Moving Average.

The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,420 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,565

Bitcoin (BTC) enthusiasts have reason to celebrate as the cryptocurrency embarks on what is fondly called “Uptober” with a strong start, surpassing the $28,000 mark. Significantly, this positive rally coincides with a quiet phase in the United States macro data scene, as a government shutdown gets averted at the eleventh hour.

Surge Past $28,000 Sparks Optimism

As the calendar flipped to October, Bitcoin (BTC) took an upward leap of 5%, momentarily touching $28,488, as per CoinGecko. This movement marked Bitcoin’s highest weekly close since mid-August, thus erasing the less impressive performance observed in the preceding weeks. Consequently, market analysts and crypto enthusiasts are buzzing with optimism. 

BTC/USD 1-day price chart (source: CoinGecko)

Michaël van de Poppe, a trader,  hinted at an upward trend while acknowledging the potential for a complete retracement. He, however, emphasized that every Bitcoin consolidation phase spells an opportune moment for altcoins to catch up, setting the stage for an intriguing final quarter of 2023.

Moreover, the promising start to October contrasts with the cryptocurrency’s performance in the same month last year. Besides, historical data showcases October as a month generally favoring Bitcoin bulls. According to CoinGlass, Bitcoin has yet to conclude the month of October at a lower value than it began in 2018. Hence, the tag “Uptober” carries substantial merit among the cryptocurrency community.

Bitcoin Quarterly returns(%) (source: CoinGlass)

Macro Triggers and Bitcoin’s Forward Path

On the macroeconomic front, while Bitcoin traders revel in positive price action, the US macro data trail starts October on a quieter note. The anticipated government shutdown was deftly avoided, with Ukraine aid being the contentious point. The Federal Reserve officials’ speeches, slated for this week, will likely be closely monitored for cues ahead of the November 1 Federal Open Market Committee (FOMC) meeting.

Financial commentator Ted Talksmacro also highlighted a divergence between net US dollar liquidity and BTC/USD. This analysis suggests a sideways or upward trend for Bitcoin in the coming years, though cautioning on potential short-term fluctuations before a quicker ascent.

However, Bitcoin’s mining difficulty is projected to drop by 0.7% in its subsequent automated readjustment, bucking the trend correlating with bullish market sentiments. This subtle shift is amidst a fiercely competitive mining scene and record-high hash rates, indicating long-term commitments from miners to the network.

The juxtaposition of Bitcoin’s promising start to “Uptober” against a backdrop of a subdued macroeconomic landscape in the US hints at independent market dynamics. Moreover, with Federal Reserve deliberations on the horizon and the continuous engagement of miners, Bitcoin’s journey through October is set to be keenly observed by investors and analysts alike.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.