Alert: Ethereum Price Adjustment. Is it a Pullback or a Downtrend?

• Ethereum (ETH) is struggling to escape a downward trendline established in April.
• Insolvent firms Alameda Research and FTX moved assets valued over $59 million.
• Ethereum’s future trajectory could see it challenge $1,900 or decline further.

Ethereum is persistently navigating a precarious trajectory, encountering obstacles as it strives to escape a downward trendline established in April when it hit its annual peak of $2,141. Following a decline to a bottom of $1,536 on October 13, ETH experienced a recovery, escalating to $1,851 by October 26, reflecting the fluctuations of the premier cryptocurrency, Bitcoin.

Contrary to Ethereum’s challenges, Bitcoin experienced a notable surge on Wednesday, achieving an 18-month peak with a market capitalization of $35,116. However, unsettling news surfaced in the cryptocurrency market, as per information from cryptocurrency data monitoring platform Lookonchain, insolvent cryptocurrency companies Alameda Research and FTX rapidly moved assets valued over $59 million, including Ethereum, with the motives behind this transaction remaining ambiguous.

FTX has been accused of illicit mismanagement, which resulted in its insolvency in November, leaving almost $9 billion of client funds missing. To address this, FTX is considering a strategy to reimburse its creditors by selling off its assets, including Ethereum, Solana, and MATIC, among others.

Ethereum (ETH) Future Target

In the past 24 hours, Ethereum’s price analysis reveals that ETH made a fresh effort to surpass the $1,820 mark. It managed to break through the $1,850 resistance level but encountered obstacles in its upward movement. The price peaked at $1,851 before experiencing a correction, a trend also seen in Bitcoin.

ETH fell beneath the $1,810 and $1,800 marks during this adjustment. Importantly, a significant upward trendline was breached, with backing around $1,810. However, Ethereum discovered support at the $1,780 mark, stimulating a revival in purchasing interest.

As of the moment this analysis was conducted, the trading price of ETH stands at $1,793, supported by a daily trading volume amounting to $10.7 billion, marking a 15% increase in the past 24 hours.

Ethereum’s future trajectory is bifurcated. Should ETH surpass the resistance of $1,850, it could aim for $1,870 and even challenge $1,900. The crucial resistance beyond that is at $1,950, which could potentially propel it towards $2,000. Conversely, if Ethereum cannot break the $1,815 resistance, it may experience a further decline. The first line of support on the downside is around the $1,775 mark.